Ascott expands in Vietnam with new properties in Ho Chi Minh City

Under the agreement, the new 100-unit Somerset Vista is slated to open in December. The project is a part of The Vista, billed as a premier residential project developed by an alliance formed by Singapore-backed 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.

Sited within the prime residential precinct of An Phu ward, Somerset Vista and Vista Residences are close to the central business district and conveniently accessible via the Hanoi Highway and the East-West Highway.

The properties are near the Metro Hypermarket, An Phu Supermarket and prestigious educational establishments such as the British International School Ho Chi Minh City, Australian International Saigon School and International School of Ho Chi Minh City. In addition, residents would be near the medical clinic, retail outlets and offices within The Vista.

Somerset Vista Ho Chi Minh City and Vista Residences will offer apartments ranging from two- to four-bedroom units. Each apartment at Somerset Vista Ho Chi Minh City will come fully furnished with a well-equipped kitchen, separate work and living areas, a home entertainment system as well as other modern amenities.

Residents of both properties can enjoy such amenities as a 50-metre lap pool that overlooks beautifully landscaped gardens, a children’s pool and playground, a gym with state-of-the-art fitness equipment, a clubhouse with sauna and jacuzzi, tennis court and golf putting green.

With these additions, Ascott further consolidates its position as the Vietnam’s largest owner-operator of largest international serviced residence with over 1,600 apartment units in 11 properties across four cities--Ho Chi Minh City, Hanoi, Hai Phong and Danang City.

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 1. With the government’s plans to transform Ho Chi Minh City’s district 2 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 2, 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,” added Ong.

Ong said the firm plans to open 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,” Ong said.