Category Archives: Service Apartments

Hospitality sector set for a rebound; serviced apartment segment to lead

Posted on 20 Oct 2009 | Comments Off on Hospitality sector set for a rebound; serviced apartment segment to lead

The global hospitality sector is set to make a come back next year after several sluggish quarters.

Observers told an industry seminar in Singapore that the serviced apartment segment in Asia will emerge the strongest.

But hotels may struggle with fewer business travellers and an oversupply of hotel rooms.

The hospitality sector has seen sluggish times since the start of the global downturn.

But according to STR Global, a rebound could come in a few months, as the recovery begins to pick up steam. Continue reading →

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Posted in General, Service Apartments

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Ascott bags Vietnam management contract

Posted on 1 Oct 2009 | Comments Off on Ascott bags Vietnam management contract

This will boost its inventory in Vietnam to 1,182 units

CAPITALAND’S serviced residence arm has clinched a management contract for a property in the coastal city of Hai Phong.

The Somerset Central TD, Hai Phong, will open in the second half of next year and offer 132 units ranging from studio to three-bedroom apartments, The Ascott Group said yesterday.

This will be the seventh property in Ascott’s portfolio in the country and will boost its inventory in Vietnam to 1,182 units.

The latest management contract is from Thuy Duong Investment Joint Stock Company, a property company with developments across Vietnam’s major cities.

The property is part of the landmark TD Plaza, a mixed use development at Le Hong Phong Road that comprises a five-storey mall, which is already operating; an office block; and two towers of residential apartments and serviced residences.

‘The new Somerset property will be the first international branded serviced residence and the largest serviced apartment in Hai Phong,’ Ascott said.

The latest property will cement Ascott’s position as the largest international serviced residence operator in Vietnam. Continue reading →

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Posted in Overseas Property, Service Apartments

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