(Wanderlusttips #Ascott) CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has signed a management contract for 550-unit Citadines Blue Cove Danang, expanding its portfolio to more than 3,500 units in the country.
Citadines Blue Cove Danang which is slated to open in 2018 within the landmark Son Tra peninsula offering picturesque views of Danang Bay is the Ascott’s largest property globally. This is the eighteenth property to be managed by Ascott in Vietnam and the second management contract awarded to Ascott by Hoa Binh Company, the first of which was for the 206-unit Somerset Hoa Binh Hanoi which Ascott has been managing since 2008. Hoa Binh Company is collaborating with S.E.A Thuan Phuoc Company for Citadines Blue Cove Danang.
Mr Tony Soh, Ascott’s Chief Corporate Officer who oversees the company’s business and operations in Vietnam, said: “Bringing Ascott’s largest property globally to Vietnam demonstrates the importance and potential of the market, and this latest property has reinforced and strengthened Ascott’s position as the largest international serviced residence owner-operator in Vietnam. Within the first half of 2016 we have added more than 5,000 units in 27 properties, 23 of which are in Asia, while the remaining properties are in New York, London and Al Khobar, in Saudi Arabia. As we continue to work towards our target of 80,000 units globally by 2020, we will be looking to establish more strategic alliances and seek more opportunities for investments, management contracts and franchises.”
In Vietnam, Ascott currently operates three properties in Hanoi – Somerset Grand Hanoi, Somerset Hoa Binh and Somerset West Lake, one property in Hai Phong – Somerset Central TD Hai Phong City, and five properties 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.
Ms Lew Yen Ping, Ascott’s Country General Manager for Vietnam, said: “We are pleased to strengthen our partnership with Hoa Binh Company. Citadines Blue Cove Danang is also testament to our local partner’s confidence in Ascott as it will be Vietnam’s largest serviced apartment and our largest property globally with 550 units”.
Wanderlust Tips | Cinet