Ascott Signs a Somerset in Hanoi, Vietnam

Ascott has won a contract to manage another serviced residence in Hanoi, Vietnam.

The 252-unit Somerset West Central Hanoi, scheduled to open in 2016, is located in the Nam Trung Yen New Urban Area in Cau Giay District, slated to become the new central business district of Hanoi.

The serviced residence will serve the accommodation needs of corporate clients located in the area. Currently, the area houses the offices of government ministries in Vietnam such as the Ministry of Home Affairs and Ministry of Public Security as well as multinational companies such as Standard Chartered, KPMG and PricewaterhouseCoopers.

As part of an integrated development, Somerset West Central Hanoi will be linked to a Parkson department store. It is within walking distance to the Big C hypermarket and National Conference Centre.

The Noi Bai International Airport and existing city centre are also within a 30-minute drive from the serviced residence.

Somerset West Central Hanoi will offer residents a choice of studios, one, two and three-bedroom apartment units.

The serviced residence will also provide facilities such as a swimming pool, gymnasium, business centre and residents’ lounge.

Mr Alfred Ong, Ascott’s Managing Director for Southeast Asia and Australia, said, “Ascott has established a presence in Vietnam for close to two decades and we remain confident in the long-term economic outlook of the emerging country, underpinned by its large, young workforce and pro-growth policies. Our serviced residences in Vietnam have maintained occupancies of over 80% ... Moving forward, Ascott will open properties in other key growth cities of Vietnam. Our first property in Hai Phong – Somerset Central TD Hai Phong City will open in 2014, while our first property in Danang – Somerset Danang Bay will open in 2015.”