03 Nov
2005

Ascott named Top Successful Company for Foreign Direct Investment by Vietnam Government

The Ascott Group (Ascott)’s joint venture company in Vietnam, Hanoi Tower Centre Company, emerged as one of the top 12 companies for best performance and contributions in foreign direct investment (FDI) by Vietnam’s Ministry of Planning and Investment. Ascott is the only Singapore company short-listed from more than 5,000 companies, to be awarded. Others which were awarded include Toshiba, Honda, Prudential and BP.

The inaugural award was presented in Hanoi by the Minister of Planning and Investment for Vietnam, Mr Vo Hong Phuc at the 2nd Foreign Investment Forum cum Exhibition on 3rd November. The event was attended by top management executives of multinational corporations operating in Vietnam. Ascott will showcase its Vietnam properties at the exhibition which runs from 2 to 6 November.

The FDI award recognises excellent business performance and significant contributions to the local economy, exemplary employment and business practices as well as good employer-employee relationship management.

Ascott was also awarded the 2004 Vietnam Economic Times' ‘Best Service in Serviced Apartments’ in Hanoi and Ho Chi Minh City earlier this year. The Group currently manages Somerset Grand Hanoi and Somerset West Lake in Hanoi, as well as Somerset Chancellor Court and Somerset Ho Chi Minh City in Ho Chi Minh.

Ascott’s chief executive officer, Mr Cameron Ong, said: "We are glad that the Vietnamese Government is recognising the role played by foreign investors in boosting the local economy. Ascott’s presence in Vietnam dates back to 1994 when it was one of the first Singapore companies to invest in Vietnam. Today, Ascott is the largest international serviced residence operator in the country with close to 600 serviced apartments in four properties. As Vietnam continues to grow as one of the most vibrant economies in Asia, there’ll be potential for Ascott to grow our involvement here. The fact that we have been able to maintain more than 90% occupancy across all our properties in Vietnam is an indication of healthy demand in the hospitality sector.”

Mr Kelvin Ong, the General Manager of Somerset Grand Hanoi said: “Ascott’s Somerset Grand Hanoi is an example of innovative product which has been successfully introduced to the Vietnamese hospitality market – it’s a mixed development complex that includes a supermarket, travel agent, post office, fashion retail shops, and a 13- storey office tower, Hanoi Towers which houses many leading multi-national corporations. Our ‘Benchmark Serviced Office’ located on the 13th floor is also ideal for start-up companies which requires ready office facilities to kick start their business in Hanoi. Moving forward we hope to be able to work even more closely with the Vietnamese authorities to introduce successful products that will further boost Vietnam’s overall attractiveness to foreign investors.”

Hanoi Towers Centre Company is a joint venture company between Burton Engineering (jointly held by The Ascott Holdings and Wells Holdings) and its Vietnamese partner, Hanoi Civil Construction Company.



About The Ascott Group

The Ascott Group is a leading international serviced residence company with 15,000 serviced residence units in the key cities of Europe and Asia Pacific, and the Gulf region.

Ascott's global presence spans 40 cities in 17 countries. These include London, Paris, Brussels, Berlin and Barcelona in Europe; Singapore, Bangkok, Hanoi, Kuala Lumpur, Tokyo, Seoul, Shanghai and Beijing in Asia; as well as Sydney, Melbourne and Auckland in Australia/New Zealand.

Headquartered in Singapore, The Ascott Group pioneered the Asia Pacific's first branded luxury serviced residence in 1984. Today, it boasts a 21-year industry track record and serviced residence brands that enjoy recognition worldwide.

The Group's flagship The Ascott luxury-tier brand projects an elegant lifestyle appealing to top executives. Its Somerset upper-tier brand offers stylish, contemporary living for senior to upper management executives. The Citadines brand provides corporate executives with vibrant urban lifestyle residences.

Recent awards the Group has clinched include TTG Asia Media’s ‘Best Serviced Residence’ award as well as the 2005 Business Traveller ‘Best Serviced Residence Brand’ and ‘Best Serviced Residence property’ in Asia Pacific awards. In 2004, Ascott was also voted top by Business Traveller readers.

The Group has also won the First Position in the 2005 ‘China's Top 100 Serviced Residences’ ranking for its eight properties in China; 2005 Vietnam Economic Times' ‘Best Service in Serviced Apartments’ awards in Hanoi and Ho Chi Minh City; and 2005 Thailand Apartment Living’s ‘Most Innovative Serviced Residence’ award for The Ascott Sathorn in Bangkok. The Ascott in Malaysia was ranked among the top four best employers in Malaysia in a ranking compiled by Hewitt & Associates, a global human resource services firm, in their Best Employer in Asia 2005 study.

Listed on the mainboard of the Singapore Exchange, Ascott is the serviced residence arm of CapitaLand Limited, one of Asia’s largest listed property companies. Headquartered in Singapore, the multinational company's core businesses in property, hospitality and real estate financial services are focused in gateway cities in Asia, Australia and Europe. Its property and hospitality portfolio spans 70 cities in 17 countries.

For reservations on Ascott properties, call Central Reservations on (65) 6272-7272 or visit www.the-ascott.com.