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Southeast Asia

Jan 11, 2005

Ascott Group to expand apartments in Vietnam

HANOI - The Ascott Group of Singapore plans to begin offering middle-range serviced apartments in Vietnam, according to a corporate executive.

"We will broaden our range in Vietnam beyond our high-class Somerset serviced residences and will explore opportunities to introduce the mid-range Citadines," Ascott's chief executive Cameron Ong said last week.

He said the project would take one or two years for the group to seek partners and locations for the new buildings.

The group has three types of apartments, the luxury Ascott, the high-class Somerset and the Citadines. The company operates more than 13,800 apartments in 17 Asian-Pacific and European countries.

In 1994, Ascott was one of the first Singaporean companies to invest in Vietnam; its total investment now stands at US$150 million.

It is now the largest international serviced-residence operator in the country with 563 apartments in four areas, accounting for around 20% of the market.

The four properties are the Somerset Ho Chi Minh City and Somerset Chancellor Court in Ho Chi Minh, and the Somerset Grand Hanoi and Somerset West Lake in the capital.

The Ministry of Planning and Investment awarded Somerset Ho Chi Minh City with a Certificate of Excellence at its 10th anniversary on January 4.

(Asia Pulse/VNA)

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