Photo: The Ascott
Ascott signs management contract for 550-unit serviced residence - it's largest property in the world.
The Ascott Limited (Ascott) has secured a management contract for the 550-unit Citadines Blue Cove Danang, which will be its largest property globally and the first Citadines-branded serviced residence in the central city.
Mr. Tony Soh, Ascott’s Chief Corporate Officer, who oversees the company’s business and operations in Vietnam, said: “Managing Ascott’s largest property globally demonstrates the importance and potential of Vietnam, and this latest property has reinforced and strengthened Ascott’s position as the largest international serviced residence owner-operator in the country.”
Citadines Blue Cove Danang is slated to open in 2018 on the landmark Son Tra peninsula, offering picturesque views over Danang Bay.
Ms. Lew Yen Ping, Ascott’s Country General Manager for Vietnam, added: “Citadines Blue Cove Danang is also testament to our local partner’s confidence in Ascott, as it will be Vietnam’s largest serviced apartment and our largest property globally, with 550 units.”
This is the eighteenth property to be managed by Ascott in Vietnam and the second management contract it has signed with the Hoa Binh Company, the first of which was for the 206-unit Somerset Hoa Binh Hanoi, which Ascott has been managing since 2008. Hoa Binh is working with the S.E.A Thuan Phuoc Company at Citadines Blue Cove Danang.
In the first half of this year Ascott added more than 5,000 units in 27 properties, 23 of which are in Asia and the remainder in New York, London and Al Khobar in Saudi Arabia.
In Vietnam it currently operates three properties in Hanoi - Somerset Grand Hanoi, Somerset Hoa Binh, and Somerset West Lake, one in Hai Phong - Somerset Central TD Hai Phong City, and five properties in Ho Chi Minh City - Somerset Chancellor Court, Somerset Ho Chi Minh City, Somerset Vista Ho Chi Minh City, Vista Residences, and Diamond Island Luxury Residences.
Other new serviced residences to be completed include Ascott Waterfront Saigon and Citadines Bayfront Nha Trang, Citadines Regency Saigon, Citadines Central Binh Duong, Somerset West Point Hanoi, Somerset West Central Hanoi, and Somerset Danang Bay.
“As we continue to work towards our target of 80,000 units globally by 2020 we will be looking to establish more strategic alliances and seek more opportunities for investments, management contracts and franchises,” said Mr. Soh.