CapitaLand finishes acquisition of Vietnamese tower

What are its plans for the building?

CapitaLand LTD will fit the tower as a 132-unit serviced apartment to be known as Somerset Central TD Hai Phong City, it said in a release.

The future apartment will lie in an existing integrated development in Hai Phong, Vietnam and will be operated under the wholly-owned CapitaLand subsidiary, Ascott International Management (Vietnam) Company Limited.

Acquisition was made through a 90% stake buy-in in Somerset Central TD Company Limited (SCCL), which owned the tower. In effect, SCCL has now become a majority-owned subsidiary of CapitaLand.

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