Ascott wins contract to manage serviced residence in Vietnam's fourth largest city

The Ascott, a wholly-owned serviced residence business unit of CapitaLand, said that it has won a contract to manage a serviced residence in Danang, the fourth largest city in Vietnam.

The contract was awarded by the Korea Investment and Development Company, a property group that specializes in residential and commercial developments across major cities in Vietnam.

Set to be named Somerset Danang Bay, the serviced residence will be the first international brand of serviced residence in Danang.

With this addition, Ascott will have over 1,300 apartment units in eight properties across four cities including Hai Phong, Hanoi and Ho Chi Minh City.

The serviced residence property, which comprises 121 units, is slated to be completed in 2012.