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The Edge: Ascott enters into partnership with Sun Group to manage largest serviced residence integrated development in Vietnam

Felicia Tan Published on Tue, Oct 12, 2021

The Ascott Limited, CapitaLand Investment’s (CLI) wholly-owned lodging business unit, has partnered with Sun Group to manage Vietnam’s largest serviced residence integrated development.

Sun Group is one of the biggest real estate developers in Vietnam.

To date, Ascott has achieved a record of over 2,800 new units in Vietnam, surpassing its full-year signings in the country in previous years.

Under the partnership, Ascott will manage 1,905 units across three serviced residence brands within Sun Group’s Tay Ho View Complex in Hanoi.

The integrated development will be Vietnam’s new landmark, which will transform the city’s skyline and rejuvenate its waterfront.

Ascott will introduce its Crest Collection brand in Vietnam.

This is Crest Collection’s debt in Asia. The brand is currently only available in France.

Ascott will also introduce its signature Ascott The Residence brand, as well as its fastest-growing brand, Citadines Apart’hotel.

The three serviced residences are expected to open in phases from the first quarter of 2023.

“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,” says Kevin Goh, CLI’s CEO for lodging, at the signing ceremony on Oct 12.

“The project will be a flagship showcase of Ascott’s hospitality capabilities. Together, we look forward to introducing a new architectural beacon in Vietnam, attracting local and international guests to find their home away from home with us. Our strategic partnership will also pave the way for Ascott to collaborate on more lodging projects with Sun Group in the future,” he adds.

Shares in CLI closed 3 cents higher or 0.9% up at $3.38 on Oct 12.

Photo of Tay Ho Complex facade: CLI

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