Real Estate

Ascott seals strategic partnership with Sun Group to manage Vietnam's largest serviced residence

Xuan Thinh Friday | 10/15/2021 10:13

Photo: CapitaLand

Ascott Limited, a wholly owned business unit of CapitaLand Investment has announced that it has entered into a strategic partnership with Sun Group, one of the biggest real estate developers in Vietnam.

The agreement will cover Vietnam’s largest serviced residence integrated development. To date, Ascott has achieved a record of over 2,800 new units in Vietnam, exceeding its full year signings in the country in the previous years.

Ascott will manage 1,905 units across three distinct serviced residence brands within Sun Group’s Tay Ho View Complex in Hanoi. The iconic integrated development will be Vietnam’s new landmark, transforming the city’s skyline and rejuvenating the city’s exclusive waterfront Tay Ho district.

The Crest Collection brand will also see its introduction in Asia, along with the Ascott The Residence and Citadines Apart’hotel. These are expected to open in phases from 1Q 2023.

“Forming strategic collaborations with leading industry players continues to be a key growth strategy for Ascott. It provides us with accelerated access to a pipeline of quality projects to grow our global portfolio and our recurring fee income as they open and stabilise,” said Kevin Goh, CapitaLand Investment's Chief Executive Officer for Lodging.

The project will be a flagship showcase of Ascott’s hospitality capabilities, he added.

Tay Ho View Complex is located near West Lake. This will be next to an upcoming opera house, as well as commercial and retail elements. 

Around 1,167 units will be available in Ascott The Residence and include suites, studio, one- to four-bedroom apartments and duplex units. Citadines Apart’hotel, meanwhile, will offer the same types of units at 710. 28 exclusive units, made up of three and four bedroom duplex apartments will make up The Crest Collection.

Previously, Ascott achieved a record of over 2,800 new units in Vietnam, beating out its full year signings in the country over the previous years. 

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