Ascott Limited to enter into partnership with Vietnam's Sun Group
The agreement will cover Vietnam’s largest serviced residence integrated development.
Ascott Limited, a wholly owned business unit of CapitaLand Investment (CLI), announced that it has enetered into a strategic partnership with Sun Group, a real estate developer based in Vietnam.
Approximately 1,905 units will be managed across three serviced residence brands in Sun Group’s Tay Ho View Complex in Hanoi. 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.
Kevin Goh, CEO for Lodging, CLI, spoke about how this was a step into forming strategic collaborations with leading industry players.
““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. This is line in with CLI’s asset-light strategy. Ascott’s strategic partnership with Sun Group to manage the biggest serviced residence development in Vietnam with three of our brands, demonstrates their confidence in Ascott’s global expertise and brand reputation. The project will be a flagship showcase of Ascott’s hospitality capabilities,” Goh said.
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.