Ascott has sealed management contracts for two new serviced residences in Ho Chi Minh City (HCMC).
The company will open the 100-unit Somerset Vista Ho Chi Minh City in December this year, plus the Vista Residences, a 168-unit property within The Vista that will be available for lease this November. With these new additions, Ascott now operates 11 properties across four cities in Vietnam.
“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,” said Alfred Ong, Ascott’s Managing Director for Southeast Asia & Australia.
“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.”
Ascott will further expand its Vietnam portfolio in the company years. The company’s first property in Haiphong – Somerset Central TD Haiphong City – which will open in 2013, while the launch of the Somerset Danang Bay in 2014 will also mark its entry into that city. In total, Ascott is planning to increase its Vietnam inventory from 1,600 to 2,200 apartment units by 2015.
Somerset Vista Ho Chi Minh City and Vista Residences will both offer apartments ranging from two to four bedrooms, all including kitchens, separate work and living areas and home entertainment systems. Communal facilities include a 50-metre lap pool overlooking landscaped gardens, a kids’ pool and playground, a gymnasium and a clubhouse with steam room, sauna, jacuzzi, tennis court and golf putting green.