Ascott takes control stake in Vietnam property
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Ascott is to take ownership of a new serviced residence complex in Vietnam. The acquisition of Somerset Central TD Hai Phong City will allow Ascott to take control of the development and enhance the value of the serviced residence. The property will be acquired in a joint venture agreement with Thuy Duong Investment Joint Stock Company, with Ascott taking a 90% stake in the property for US$9.45 million. The 132-room property will be the first internationally branded serviced residence in Hai Phong when it opens in the second half of 2012.Ascott currently operates over 860 apartment units across six properties in Vietnam. There are two more in the pipeline, including the Somerset Central TD Hai Phong City and the Somerset Saigon Ho Chi Minh City which is scheduled to open by 2014. Lim Ming Yan, Ascott’s Chief Executive Officer, said; “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.”
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