Serviced ApartmentsProperties in Danang and Ho Chi Minh City have opened.

Ascott expands Vietnam footprint amid strong demand

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Citadines Vietnam
Citadines Blue Cove Danang makes its debut as Ascott’s largest property globally.
Citadines Vietnam

The 548-unit Citadines Blue Cove Danang, Ascott’s largest property globally, has opened by the Han River within the Son Tra Peninsula and a 100-hectare urban development project by the government. Launching in Ho Chi Minh City, the 229-unit Citadines Regency Saigon is situated within District 3, a key business and residential district. 

The Ascott Limited (Ascott) has opened at two new addresses in Vietnam with the debut of its first Citadines property in Danang and fifth Citadines in Ho Chi Minh City.

The 548-unit Citadines Blue Cove Danang, Ascott’s largest property globally, has opened by the Han River within the Son Tra Peninsula and a 100-hectare urban development project by the government. Launching in Ho Chi Minh City, the 229-unit Citadines Regency Saigon is situated within District 3, a key business and residential district. 

“Vietnam is a key growth market for Ascott and we are on track to achieve our target of 7,000 units by 2020. Demand for serviced residences remains strong as more multinational companies set up offices in the country with increasing foreign direct investment and visitors,” said Lew Yen Ping, Ascott’s country general manager for Vietnam.

With the new openings, Ascott now operates close to 4,700 units in 21 properties across seven cities in Vietnam, the company’s largest market in South East Asia. 

The company is expanding rapidly in the next three years, with plans to add over 2,000 units across nine properties in cities such as Ho Chi Minh City, Hanoi, Danang, Halong City and Binh Duong province, Lew said.

Citadines Bayfront Nha Trang, Ascott’s first Citadines property in Vietnam, is getting strong average occupancy of nearly 90%, she remarked.

Upcoming openings include two Citadines, which are scheduled to open in Binh Duong province this year, and in Halong City by end 2020.

Ascott’s upcoming properties in Vietnam include Citadines Central Binh Duong in Binh Duong province; Somerset Feliz Ho Chi Minh City, Somerset D1Mension Ho Chi Minh City, and Diamond Island Luxury Serviced Residences in Ho Chi Minh City; Somerset Danang Bay in Danang; Somerset West Central Hanoi in Hanoi; as well as Citadines Marina Halong in Halong City.


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