Ascott to manage Sun Group serviced residences in Vietnam
THE Ascott Limited is partnering Sun Group, one of Vietnam's largest real estate developers, to manage 1,905 units across 3 serviced residences within the latter's Tay Ho View Complex in Hanoi.
The trio of serviced residences are expected to open in phases from Q1 of 2023.
In a press statement on Tuesday (Oct 12), the wholly-owned lodging business of CapitaLand Investment (CLI) 9CI highlighted Tay Ho View Complex as Vietnam's largest serviced residence integrated development.
In addition to the 3 serviced residences to be managed by Ascott, the development will also offer commercial and retail elements.
The partnership with Sun Group brings Ascott's portfolio in Vietnam to about 9,200 lodging units in over 30 properties across 12 cities. To date the company has achieved a record of over 2,800 new units in Vietnam, exceeding the company's full-year signings in the country over previous years.
Through the latest partnership Ascott intends to debut The Crest Collection in Asia, starting with Vietnam. Some 28 units comprising 3- and 4-bedroom apartments and duplex units will be made available under this brand of luxury serviced residences, which is currently only available in France.
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The company will also introduce its Ascott The Residence and Citadines Apart'hotel brands to Tay Ho View Complex.
Ascott The Residence will offer 1,167 units comprising suites, studio, 1- to 4-bedroom apartments and duplex units. Citadines Apart'hotel will offer 710 units comprising studio, 1- to 4-bedroom apartments and duplex units.
Kevin Goh, CLI's chief executive for lodging, said the partnership between Ascott and Sun Group will provide CLI with accelerated access to a pipeline of quality projects to grow the group's global portfolio and recurring fee income.
This is in line with CLI's asset-light strategy and demonstrates Sun Group's confidence in Ascott's global expertise and brand reputation, he added.
Goh said the partnership "will pave the way for Ascott to collaborate on more lodging projects with Sun Group in the future".
Shares of CLI were trading S$0.01 or 0.3 per cent higher at S$3.36 as at 2.41 pm on Tuesday, after the news.
READ MORE:
- The Ascott Limited closes seven new contracts to manage 1,300 China apartments
- CapitaLand's Ascott signs 12 more properties in China; enters Austria
- Ascott Residence Trust to sell Guangzhou, Paris properties above book value
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