The Ascott Limited (Ascott) – a serviced residence brand owned by CapitaLand, has just signed a contract to manage 550 serviced apartments for the Citadines Blue Cove Danang project. This is the largest project that Ascott manages worldwide and is the first Citadines' Apart hotel branded apartment complex in Da Nang city. Expected to open in 2018, Citadines Blue Cove Danang is located on Son Tra peninsula in the picturesque setting of Da Nang Bay.
Mr. Tony Soh, Chief Office of Ascott Global and Head of Sales and Operations in Vietnam, said: “The launch of Ascott’s largest project in Vietnam confirms the importance and potential of Vietnam in the group’s market development strategy, affirming its position as the largest serviced residence owner and operator in Vietnam. In the first six months of this year, Ascott has added more than 5,000 apartments in 27 properties, of which 23 are in Asia, the rest are located in major cities such as New York, London and Al Khobar in the Middle East. With a target of 80,000 apartments by 2020 worldwide, Ascott will continue to expand and establish more relationships, seek more investment opportunities, sign management contracts and franchise brands.”
Ms. Lew Yen Ping, General Manager of Ascott in Vietnam said: “We are honored to be able to strengthen our partnership with Hoa Binh Company Limited. Citadines Blue Cove Danang is also a confirmation to Ascott’s partners in Vietnam that the group will always be the operator and provider of serviced residences here and will be the largest building in the world with 550 apartments.”
This is the 18th building managed by Ascott in Vietnam and the second management contract that Ascott signed with Hoa Binh Company Limited. The first contract was signed to manage the Somerset Hoa Binh Hanoi serviced apartment complex in 2008 with 206 apartments. Hoa Binh Company Limited has cooperated with SEA Thuan Phuoc Real Estate Joint Stock Company in the Somerset Blue Cove Danang project.
“Da Nang has become one of the cities receiving the most foreign direct investment support in Vietnam. With the rapid growth and development of industrial parks, export processing zones, port activities, and tourism promotion programs, Da Nang is attracting a large number of foreign experts to the city. Da Nang will host the Asia-Pacific Economic Cooperation Forum in 2017, creating an opportunity to promote the city’s potential and attract the attention of leaders from Asia-Pacific countries. With such important developments, we anticipate that the demand for high-quality accommodation, both short-term and long-term, will increase further for tourists and foreign experts working in Da Nang. We are committed to introducing Ascott’s excellent and award-winning services to visitors to Da Nang when Citadines Blue Cove Danang comes into operation in 2018,” Ms. Lew added.
In Vietnam, Ascott operates three serviced residences in Hanoi - Somerset Grand Hanoi, Somerset Hoa Binh and Somerset West Lake, one in Hai Phong - Somerset Central TD Haiphong City, and five in Ho Chi Minh City - Somerset Chancellor Court, Somerset Ho Chi Minh City, Somerset Vista Ho Chi Minh City, Vista Residences and Diamond Island Luxury Residences. Projects in the pipeline include Ascott Waterfront Saigon and Citadines Bayfront Nha Trang, Citadines Regency Saigon, Citadines Central Binh Duong, Somerset West Point Hanoi, Somerset West Central Hanoi and Somerset Danang Bay.
