Ascott Signs New Serviced Residence in Hai Phong, Vietnam

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

This latest addition to Ascott’s portfolio increases the number of units to 1,182 across seven serviced residence properties in three cities. Five properties are already operational in Hanoi and Ho Chi Minh City, offering a total of 818 units.

To be called Somerset Central TD, Hai Phong, this will be Ascott’s first serviced residence property in the coastal city and its seventh in Vietnam. The new Somerset property is part of the landmark TD Plaza, a modern and luxurious mixed use development consisting of a five-storey shopping complex, which is already operating, an office block and two towers of residential apartments and serviced residences. Somerset Central TD, Hai Phong sits on a prime urban area in the city’s new Central Business District with strategic access to the airport, port and the old city centre.

Somerset Central TD, Hai Phong, slated to open in the second half of 2010, will offer 132 units ranging from studio to three-bedroom apartments. Residents will be able to enjoy amenities like a gymnasium, swimming pool, business centre, residents’ lounge and a children’s playroom. Nestled among facilities like the Parksons Department Store and an eight-theatre cineplex in the adjoining TD Plaza and a popular hypermarket, the serviced residence also offers excellent convenience for travellers.

Mr Lim Ming Yan, Chief Executive Officer of The Ascott Group Limited, said, “Vietnam has significant potential for Ascott to grow its presence. Our five properties in Hanoi and Ho Chi Minh City are performing well with an average occupancy of about 90%. We expect strong demand from the influx of expatriates to Hai Phong as the city further urbanises. The local government has plans for new industrial parks in Hai Phong which will spur economic growth. Vietnam and Singapore will also develop a 1600-hectare integrated township and industrial park there. Ascott will have an edge by being the first international branded serviced residence operator to offer quality serviced accommodation in this growing market.”

Located about 100 kilometres from Hanoi, Hai Phong is an important industrial and transportation hub in the country’s north. It is one of the leading localities in the country and the second in northern Vietnam in attracting foreign direct investments. Boasting the largest international sea port in the country’s north, Hai Phong is also a key gateway to southern China and Southeast Asia.

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