CapitaLand’s wholly-owned serviced residence business unit, The Ascott said it has been awarded a contract to manage a serviced residence in Danang, Vietnam’s fourth largest city.
The contract was awarded by the Korea Investment and Development Company, a real-estate consortium that specialises in commercial and residential developments across major cities in Vietnam.
The serviced residence will be named Somerset Danang Bay and will be the first international brand of serviced residence in Danang.
With this addition, the Ascott will have more than 1,300 apartment units in eight properties across four cities including Ho Chi Minh City, Hanoi and Hai Phong.
The 121-unit serviced residence property is scheduled to be completed in 2012.
Source : Channel NewsAsia – 29 Mar 2010