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Ascott signs Somerset in Danang, Vietnam

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Ascott has been awarded a contract to manage a serviced residence in Danang, the fourth largest city in Vietnam, by Korea Investment & Development Co., Ltd. The latter is an established real estate consortium that specialises in commercial and residential developments across major cities in Vietnam.

Currently under development, Somerset Danang Bay is part of Blooming Tower Danang, a mixed-use development that comprises two 37-storey residential towers and a three-storey podium for commercial retail and recreational uses. It will be one of the tallest towers in the city, providing view of Danang Bay.

Located in Thuan Phuoc Ward, Hai Chau District, Somerset Danang Bay is a five-minute drive from Danang's Central Business District and a 15-minute drive from the Danang International Airport, Vietnam's third busiest airport. The serviced residence property is scheduled to be completed in 2012.

Mr Lim Ming Yan, Chief Executive Officer of The Ascott Limited, said, Our expansion into Danang, our fourth city in Vietnam, will allow Ascott to tap on the strong demand for serviced residences in the country. Danang has enjoyed an exponential increase in foreign direct investments. The rapid development of its industrial parks, export processing zone, petrochemical industry and sea port activities has also been attracting a large number of expatriates to the city. With the influx of foreigners, we expect demand for both long- and short- term accommodation in Danang to soar. The new Somerset Danang Bay will further consolidate Ascott's leadership position in the fast growing market and we are on track to expanding our Vietnam presence to 1,800 units by 2012.

With this addition, Ascott strengthens its position as the largest international serviced residence owner-operator in Vietnam. It will now have more than 1,300 apartment units in eight properties across four cities including Ho Chi Minh City, Hanoi and Hai Phong.

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