Good view for Waterfront Saigon

Will the Ascott Waterfront Saigon mark Ascott’s expansion into the premium serviced residence segment in Vietnam?

The entry of Ascott’s flagship brand in Ho Chi Minh City marks another important milestone since we pioneered Asia Pacific’s first international-class serviced residence in Singapore 30 years ago and in Vietnam 20 years ago. Since opening our first serviced residence, Somerset West Lake Hanoi, in 1994, we have steadily grown to become Vietnam’s largest international serviced residence owner-operator. We are delighted to introduce Ascott’s premier brand offering luxury living and unparalleled services to complement our existing stable of Somerset properties in Vietnam, which continue to be well-received by expatriate families.

The Ascott Waterfront Saigon, which is developed by the leading real-estate developer M.I.K Corporation, will be the first internationally acclaimed luxury serviced residence in Vietnam. It will set a specific benchmark in excellent quality of services and be a true home away from home for top expatriate executives, industry leaders and affluent, high net worth families.

The premier Ascott Waterfront Saigon will target high-income businesspeople. How do you see the demand for luxury serviced residences given the fact that Vietnam’s property market is still suffering?

Our existing Somerset serviced residences are performing well and achieving good occupancy levels averaging well in excess of 80 per cent despite an increasingly competitive landscape and a recovering economy. We are delighted to partner with M.I.K Corporation and combine its development expertise with our award-winning hospitality capabilities to create the flagship Ascott Waterfront Saigon, which will set a new benchmark for luxury living in Vietnam, offering top business executives and industry leaders exclusive living and luxury services.

We also hope to introduce our third award-winning brand-the Citadines Apart’ Hotel, targeting independent and savvy travellers, to Vietnam in the near future. We remain optimistic about Vietnam’s long-term economic fundamentals and continue to see good potential for serviced residences. We intend to leverage on our excellent operating track record, strong brand awareness and business network to fuel our continued expansion via a combination of investments, management contracts, and franchises.

M.I.K Corporation will open several luxury hotels and resorts on Phu Quoc Island and in Phan Thiet while developing premier apartments and luxury gated community villas in Ho Chi Minh City and Hanoi. Are these also Ascott’s working opportunities with M.I.K Corporation?

Ascott is the world’s largest international serviced residence owner-operator with more than 38,000 units and over 250 properties across nearly 90 cities in 24 countries. M.I.K Corporation is a leading real-estate developer in Vietnam, well-known for developing luxury high-rise projects such as Imperia An Phu Condominium in Ho Chi Minh City’s District 2, The Park Residence Condominium, Villa Park Luxury Compound in District 9 and now the Ascott Waterfront Saigon. In the future, when M.I.K Corporation continues to venture into the hospitality business with several resorts and hotels set to open in 2015 and 2016, we look forward to furthering our collaboration.