Contract signed for management of new serviced residence Somerset West Point on the shores of Hanoi's West Lake.
CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), secured a contract on November 11 with The Golden Villas Company to manage the 247-unit Somerset West Point Hanoi.
“The latest addition via Somerset West Point caps a significant year that saw us grow our portfolio in Vietnam by nearly 50 per cent and add two new brands, Ascott The Residence and Citadines Apart’Hotel, to complement our established Somerset brand in Vietnam,” said Mr. Mark Chan, Ascott’s Country General Manager for Vietnam.
The addition of Somerset West Point is timely and in tandem with Vietnam’s robust economic growth, fuelled by steady foreign direct investment, a growing manufacturing base, and a strong export sector, according to Mr. Chan.
“We expect the recent signing of the TPP and the upcoming APEC Summit in 2017 to provide further impetus for growth,” he added. “With an established platform for over two decades in Vietnam, we intend to leverage on our deep operating expertise, strong brand awareness and business network to further our growth via suitable investments, management and franchise opportunities in our existing gateway cities and other potential high-growth cities.”
“With its unparalleled track record and leading position as the world’s largest international serviced residence owner-operator, we look forward to working with Ascott to develop Somerset West Point, which offers relocating executives the space and security to build a warm and comfortable home,” said Ms. Hoang Chi Lan, Director of The Golden Villas Company.
Slated to open in early 2017, Somerset West Point Hanoi is located in the exclusive expatriate enclave of Quang An Peninsula by scenic West Lake.
Somerset West Point will offer a range of serviced apartment types, from studios, one- to four-bedrooms, and penthouses, enabling residents to choose an ideal apartment to suit their lifestyle needs.
The stylish apartments come with a private balcony overlooking West Lake, a contemporary décor, modern fittings, and a fully-equipped kitchen, with separate living and dining areas, home entertainment systems, and wireless internet access.
The new management contract also marks the fourth property Ascott has secured in Vietnam over the past year, and together with recent contracts for Ascott Waterfront Saigon, Citadines Regency Saigon and Citadines Central Binh Duong, reinforce its position as the largest international serviced residence owner-operator in Vietnam with over 2,700 apartment units in 16 properties in Hanoi, Ho Chi Minh City, Hai Phong, Da Nang, and Binh Duong province.