VI
EN
The Ascott Limited (Ascott) – a serviced apartment management group owned by CapitaLand – has signed a management contract for 550 serviced apartments for the Citadines Blue Cove Danang project. This is Ascott's largest project managed worldwide and the first Citadines' Apart hotel in Da Nang. Scheduled to open in 2018, Citadines Blue Cove Danang is located on the Son Tra peninsula amidst the picturesque scenery of Da Nang Bay.
Tony Soh, Global Head of Ascott and Head of Business and Operations in Vietnam, stated: “Bringing Ascott’s largest project to Vietnam validates the importance and potential of Vietnam in the group’s market development strategy, affirming our position as the largest operator and owner of serviced apartments in Vietnam. In the first six months of this year, Ascott added more than 5,000 apartments across 27 buildings to its portfolio, with 23 of them located in Asia and the remainder in major cities such as New York, London, and Al Khobar in the Middle East. Aiming to reach 80,000 apartments worldwide by 2020, Ascott will continue to expand its relationships, seek more investment opportunities, and sign management and franchise agreements.”
Ms. Lew Yen Ping, General Manager of Ascott in Vietnam, stated: “We are honored to be able to strengthen our partnership with Hoa Binh Limited. Citadines Blue Cove Danang is also concrete proof to Ascott’s partners in Vietnam that the group will continue to be a leading operator and provider of serviced apartments 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 Ascott has signed with Hoa Binh Company Limited. The first contract was signed in 2008 to manage the Somerset Hoa Binh Hanoi serviced apartment complex with 206 apartments. Hoa Binh Company Limited has also partnered with SEA Thuan Phuoc Real Estate Joint Stock Company on the Somerset Blue Cove Danang project.
Ms. Lew added: “Da Nang has become one of the cities receiving the most direct foreign investment 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 professionals 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 significant developments, we anticipate that the demand for high-quality accommodation, both short-term and long-term, will increase even further for tourists and foreign professionals working in Da Nang. We are committed to introducing Ascott's award-winning, excellent accommodation services to visitors to Da Nang when the Citadines Blue Cove Danang building opens in 2018.”
In Vietnam, Ascott operates three serviced apartment complexes in Hanoi – Somerset Grand Hanoi, Somerset Hoa Binh, and Somerset West Lake; one building in Hai Phong City – Somerset Central TD Haiphong City; and five apartment complexes 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 under completion 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.
