Ascott establishes presence in Vietnam's Danang

Somerset Danang Bay is firm’s unit to capitalize on city’s exponential growth in foreign investments.

CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has been awarded a contract to manage a serviced residence in Danang, the fourth largest city in Vietnam, by Korea Investment & Development Co., Ltd. The latter is an established real estate consortium that specialises in commercial and residential developments across major cities in Vietnam.

The serviced residence will be named Somerset Danang Bay and will be the first international brand of serviced residence in Danang. With this addition, Ascott will further strengthen its position as the largest international serviced residence owner-operator in Vietnam. It will now have more than 1,300 apartment units in eight properties across four cities including Ho Chi Minh City, Hanoi and Hai Phong.

Currently under development, Somerset Danang Bay is part of Blooming Tower Danang, a mixed-use development that comprises two 37-storey residential towers and a three-storey podium for commercial retail and recreational uses. It will be one of the tallest towers in the city, providing a spectacular view of the Danang Bay.

Located in Thuan Phuoc Ward, Hai Chau District, Somerset Danang Bay is a five-minute drive from Danang’s Central Business District and a 15-minute drive from the Danang International Airport, Vietnam’s third busiest airport. The serviced residence property is scheduled to be completed in 2012.

Mr Lim Ming Yan, Chief Executive Officer of The Ascott Limited, said, “Our expansion into Danang, our fourth city in Vietnam, will allow Ascott to tap on the strong demand for serviced residences in the country. Danang has enjoyed an exponential increase in foreign direct investments. The rapid development of its industrial parks, export processing zone, petrochemical industry and sea port activities has also been attracting a large number of expatriates to the city. With the influx of foreigners, we expect demand for both long- and short-term accommodation in Danang to soar. The new Somerset Danang Bay will further consolidate Ascott’s leadership position in the fast growing market and we are on track to expanding our Vietnam presence to 1,800 units by 2012.”

Mr Shin Yongkyu, President, Korea Investment & Development Co., Ltd, said, “We are glad to partner Ascott in launching Somerset Danang Bay. Being the world’s largest international serviced residence owner-operator,
Ascott has the expertise and extensive experience in providing quality accommodation and personalised services. Coupled with its award-winning track record and solid reputation, we are confident that Somerset Danang Bay will do well in attracting discerning travellers from around the world by providing them an ideal home away from home.”

Danang, with its international airport, commercial sea port and north-south land routes and railways, is the economic gateway to Central Vietnam and the East-West Economic Corridor spanning Vietnam, Laos, Thailand and Myanmar. As an indication of its trade potential, Danang was ranked first in the Vietnam Chamber of Commerce and Industry’s provincial competitiveness index consecutively in 2008 and 2009.

With 121 units ranging from one- to three-bedroom premier apartments which come with ensuite kitchen and bathroom, Somerset Danang Bay will cater to leisure and business travellers with a myriad of modern recreational and business facilities such as a fitness centre, a swimming pool, a resident‟s lounge, a business centre and a meeting room in the property.