CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited, has opened Vietnam’s largest serviced residence, Citadines Blue Cove Danang, and its fifth property in Ho Chi Minh City, Citadines Regency Saigon.
Citadines Blue Cove Danang, which is also Ascott’s first property in Danang and its largest property globally, is located by the Han River in the scenic Son Tra peninsula, while Citadines Regency Saigon enjoys a prime location in District 3, a key business and residential district.
Ms Lew Yen Ping, Ascott’s Country General Manager for Vietnam, said: “Vietnam is Ascott’s largest market in Southeast Asia where demand for serviced residences remains high. We currently have 21 properties offering close to 4,700 units across seven cities in the country. Both Citadines Blue Cove Danang and Citadines Regency Saigon have prime locations in key business and tourism districts of Danang and Ho Chi Minh City, which enjoy a huge influx of corporate and leisure travellers. Within the next three years, over 2,000 units across nine properties are slated to open in Ho Chi Minh City, Hanoi, Danang, Halong City and Binh Duong province. We look forward to providing more accommodation choices in fast-expanding Vietnam, and are committed to achieve our target of 7,000 units in the country by 2020.”
Ms Lew added: “Citadines Apart’hotel is our fastest growing brand globally and it caters to independent travellers who want the flexibility to customise their stay with the services they require. Our first Citadines in Vietnam, Citadines Bayfront Nha Trang, is getting strong average occupancy of nearly 90 per cent. Hence, we have opened Vietnam’s largest serviced residence, Citadines Blue Cove Danang, in one of the leading investment and tourism destinations in the country. Citadines Regency Saigon, our first Citadines in Ho Chi Minh City, enjoys proximity to foreign consulates, commercial buildings and shopping malls. Another two Citadines are scheduled to open in Binh Duong province this year and in Halong City end 2020. Citadines will widen Ascott’s brand offerings in Vietnam where we have a well-established reputation built over 20-years with our Somerset brand, which is popular with family travellers.”
