Ascott set to head Somerset Vista Ho Chi Minh City

The 100-unit property will open in December.

According to a release, CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has been awarded a contract to manage a 100-unit serviced residence in Ho Chi Minh City, Vietnam.

The new Somerset Vista Ho Chi Minh City is slated to open in December this year. It is part of The Vista, a premier residential development by CapitaLand, Thien Duc Trading Construction Co., Ltd and Phu Gia Investment Joint Stock Company.

Ascott will also manage Vista Residences, a 168-unit property within The Vista that will be available for lease this November. With the additions, Ascott further consolidates its position as the largest international serviced residence owner-operator in Vietnam with over 1,600 apartment units in 11 properties across four cities – Ho Chi Minh City, Hanoi, Hai Phong and Danang.

Mr Alfred Ong, Ascott’s Managing Director for Southeast Asia and Australia, said: “Ascott established its presence in Ho Chi Minh City more than 15 years ago and we have always enjoyed strong occupancies for our two serviced residences in the city’s central urban district of District One. With the government’s plans to transform Ho Chi Minh City’s District Two into Vietnam’s new commercial and financial centre, we see strong growth potential to expand into the area. Somerset Vista Ho Chi Minh City and Vista Residences, with their strategic location in District Two, proximity to facilities such as international schools, elegant design and quality product finishes, will appeal to expatriates and families with children looking for quality accommodation.”

He added: “Somerset Vista Ho Chi Minh City and Vista Residences further affirm Ascott’s commitment to grow our business in Vietnam. We will be opening more properties in Vietnam in the next few years. These include our first property in Hai Phong – Somerset Central TD Hai Phong City which will open in 2013, and our first property in Danang – Somerset Danang Bay that will open in 2014. We will continue to look for opportunities to expand our presence in this key growth market and target to increase our Vietnam presence to 2,200 apartment units by 2015.”