CapitaLand finishes acquisition of Vietnamese tower
What are its plans for the building?
CapitaLand LTD will fit the tower as a 132-unit serviced apartment to be known as Somerset Central TD Hai Phong City, it said in a release.
The future apartment will lie in an existing integrated development in Hai Phong, Vietnam and will be operated under the wholly-owned CapitaLand subsidiary, Ascott International Management (Vietnam) Company Limited.
Acquisition was made through a 90% stake buy-in in Somerset Central TD Company Limited (SCCL), which owned the tower. In effect, SCCL has now become a majority-owned subsidiary of CapitaLand.