Ascott Expands Footprint to Nha Trang Coastal City
On January 19, CapitaLand’s wholly-owned serviced residence business unit, the Ascott Limited (Ascott), has secured a contract to manage its third Citadines-branded serviced residence in Vietnam, Citadines Bayfront Nha Trang. Citadines Bayfront Nha Trang is expected to be operational from the fourth quarter of 2016.
Citadines Bayfront Nha Trang is located in the heart of the prime Tran Phu district of Nha Trang, the key tourism and developing economic hub of South Central Vietnam. The property will add another 280 apartment units to Ascott’s Vietnam portfolio, bringing its total in the country to nearly 3,000 units in 17 properties across Hanoi, Hai Phong, Danang, Ho Chi Minh City, Nha Trang and Binh Duong.
The management contract was awarded by Military Petrochemical Joint Stock Company (MIPEC), which has been established since 2003 through the joint venture of three companies, namely General Import and Export Van Xuan Corporation (wholly-owned by the Ministry of National Defense), Vietnam National Petroleum Group and Military Commercial Joint Stock Bank.
The other two Citadines properties, Citadines Regency Saigon and Citadines Central Binh Duong, will be ready in 2018.
H.T
Vietnamese
