Ascott has signed a contract to manage another serviced residence in Vietnam.
The 252-unit Somerset West Central Hanoi will open in 2016, in the Cau Giay district of the city. It will comprise a range of studios, one-, two- and three-bedroom apartments, along with a swimming pool, gymnasium, business centre and residents’ lounge.
The latest addition will expand Ascott’s Vietnam portfolio, which currently comprises 13 properties in four cities – Ho Chi Minh City (HCMC), Hanoi, Haiphong and Danang. The company also recently opened the 100-unit Somerset Vista in HCMC.
“The addition of Somerset West Central Hanoi and Somerset Vista Ho Chi Minh City will allow us to better cater to the accommodation demand in Vietnam’s two largest cities. We will also enjoy greater economies of scale in our operations. Moving forward, Ascott will open properties in other key growth cities of Vietnam,” said Alfred Ong, Ascott’s Managing Director for Southeast Asia & Australia.
“Our first property in Haiphong – Somerset Central TD Haiphong City will open in 2014, while our first property in Danang – Somerset Danang Bay will open in 2015,” he added.