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VIETNAM - Ascott is to acquire a 90% stake in Somerset Central TD Hai Phong City, Vietnam for US$9.45 million (Sin$11.4 million).
Ascott was awarded the management contract for the 132-unit Somerset Central TD Hai Phong City in 2009 by Thuy Duong Investment Joint Stock Company, an established real estate company with developments across Vietnam's major cities.
Somerset Central TD Hai Phong City is scheduled to open in the second half of 2012.
Besides Somerset Central TD Hai Phong City, Ascott will be opening Somerset Danang Bay and Somerset Saigon Ho Chi Minh City in Vietnam by 2014.
Ascott currently operates over 860 apartment units across six properties (four properties in Hanoi and two in Ho Chi Minh city).
Mr Lim Ming Yan, Ascott's Chief Executive Officer, said, “Our strategy for Southeast Asia is to invest in key cities with strong potential for serviced residences. Vietnam is one of our key markets in Southeast Asia and we hold a long-term view of our investments in the country. Vietnam's pro-business regulatory environment and growing educated workforce will continue to attract multinational companies to set up operations. This will in turn generate demand for serviced residences. We are glad to be able to add Somerset Central TD Hai Phong City to our portfolio of quality properties.”
Somerset Central TD Hai Phong City has a prime location in the city's new Central Business District and is just a five-minute drive from the airport and the old city centre. The property is also less than a 30-minute drive from the industrial parks and seaport which are attracting a large number of expatriates.
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