Somerset Danang Bay Vietnam to be managed by Ascott Limited

It has been recently announced that the rights to manage
Somerset Danang Bay Residence Vietnam has been awarded to Ascott Limited. The
residence development is located in Vietnam’s fourth Largest city Danang and the
development is part of Danang’s Blooming Tower Development.

 

Somerset is Vietnam’s largest international serviced
residence operator with eight properties in Hanoi, Hai Phong, Ho Chi Minh City
and Danang.

 

The full media release can be read below:

 

Ascott Limited (Ascott), has been awarded a contract to
manage a serviced residence in Danang, the fourth largest city in Vietnam, by
Korea Investment & Development Co., Ltd. The latter is an established real
estate consortium that specialises in commercial and residential developments
across major cities in Vietnam.

The serviced residence will be named Somerset Danang Bay and will be the first
international brand of serviced residence in Danang. With this addition, Ascott
will further strengthen its position as the largest international serviced
residence owner-operator in Vietnam. It will now have more than 1,300 apartment
units in eight properties across four cities including Ho Chi Minh City, Hanoi
and Hai Phong.

Currently under development, Somerset Danang Bay is part of Blooming Tower
Danang, a mixed-use development that comprises two 37-storey residential towers
and a three-storey podium for commercial retail and recreational uses. It will
be one of the tallest towers in the city, providing a spectacular view of the
Danang Bay.

Located in Thuan Phuoc Ward, Hai Chau District, Somerset Danang Bay is a
five-minute drive from Danang’s Central Business District and a 15-minute drive
from the Danang International Airport, Vietnam’s third busiest airport. The
serviced residence property is scheduled to be completed in 2012.

Mr Lim Ming Yan, Chief Executive Officer
of The Ascott Limited, said,
“Our
expansion into Danang, our fourth city in Vietnam, will allow Ascott to tap on
the strong demand for serviced residences in the country. Danang has enjoyed an
exponential increase in foreign direct investments. The rapid development of
its industrial parks, export processing zone, petrochemical industry and sea
port activities has also been attracting a large number of expatriates to the
city. With the influx of foreigners, we expect demand for both long- and
short-term accommodation in Danang to soar. The new Somerset Danang Bay will
further consolidate Ascott’s leadership position in the fast growing market and
we are on track to expanding our Vietnam presence to 1,800 units by 2012.”

Mr Shin Yongkyu, President, Korea
Investment & Development Co., Ltd, said,
“We are glad to partner Ascott in launching Somerset Danang Bay.
Being the world’s largest international serviced residence owner-operator,
Ascott has the expertise and extensive experience in providing quality
accommodation and personalised services. Coupled with its award-winning track
record and solid reputation, we are confident that Somerset Danang Bay will do
well in attracting discerning travellers from around the world by providing
them an ideal home away fromhome.”

Danang, with its international airport, commercial sea port and north-south
land routes and railways, is the economic gateway to Central Vietnam and the
East-West Economic Corridor spanning Vietnam, Laos, Thailand and Myanmar. As an
indication of its trade potential, Danang was ranked first in the Vietnam
Chamber of Commerce and Industry’s provincial competitiveness index
consecutively in 2008 and 2009.

With 121 units ranging from one- to three-bedroom premier apartments which come
with ensuite kitchen and bathroom, Somerset Danang Bay will cater to leisure
and business travellers with a myriad of modern recreational and business
facilities such as a fitness centre, a swimming pool, a resident’s lounge, a
business centre anda meeting room in the property.

About The Ascott Limited

Ascott is the world’s largest international serviced residence owner-operator
with over 19,000 operating serviced residence units in key cities of Asia
Pacific, Europe and the Gulf region, as well as around 6,000 units which are
under development, making a total of 25,000.

The company operates three brands – Ascott, Somerset and Citadines. Its
portfolio spans 68 cities in 22 countries, 11 of which are new cities in Ascott’s
portfolio where its serviced residences are being developed.

Ascott, a wholly-owned subsidiary of CapitaLand Limited, is headquartered in
Singapore. It pioneered Asia Pacific’s first international-class serviced
residence in 1984. It also establishedthe world’s first pan-Asian serviced
residence real estate investment trust, Ascott Residence Trust, in 2006. Today,
the company boasts a 26-year industry track record and serviced residence
brands that enjoy recognition worldwide.

Recent awardsinclude DestinAsian Readers’ Choice Awards 2010 ‘Best Serviced
Residence in Asia Pacific’, TTG Travel Awards 2009 ‘Best Serviced Residence
Operator’, Business Traveller UK Awards 2009 ‘Best Serviced Apartment Company’,
Business Traveller Asia Pacific Awards 2009 ‘Best Serviced Residence Brand’ and
‘Best Serviced Residence in Asia Pacific’ and TTG China Travel Awards 2009
‘Best Serviced Residence Operator in China’.

About Ben Hoffman