Ascott secures contract for serviced residence in Vietnam

The Ascott Group has secured a contract to manage a serviced residence property in Vietnam’s third largest city, Hai Phong.

It clinched the contract through Thuy Duong Investment Joint Stock Company, an established real estate company with developments across Vietnam’s major cities.

To be called Somerset Central TD, this will be Ascott’s first serviced residence property in the coastal city of Hai Phong and its seventh in Vietnam.

It is slated to open in the second half of next year and will offer 132 units ranging from studio to three-bedroom apartments.

The new property brings Ascott’s portfolio in Vietnam to 1,182 units across three cities – Hanoi, Ho Chi Minh City and now Hai Phong.

Ascott is the serviced residence arm of property developer CapitaLand.

Source : Channel NewsAsia – 30 Sep 2009

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