Tag Archives: Ascott Group

Ascott secures contract for serviced residence in Vietnam

Posted on 30 Sep 2009 | Comments Off on Ascott secures contract for serviced residence in Vietnam

The Ascott Group has secured a contract to manage a serviced residence property in Vietnam’s third largest city, Hai Phong.

It clinched the contract through Thuy Duong Investment Joint Stock Company, an established real estate company with developments across Vietnam’s major cities.

To be called Somerset Central TD, this will be Ascott’s first serviced residence property in the coastal city of Hai Phong and its seventh in Vietnam.

It is slated to open in the second half of next year and will offer 132 units ranging from studio to three-bedroom apartments.

The new property brings Ascott’s portfolio in Vietnam to 1,182 units across three cities – Hanoi, Ho Chi Minh City and now Hai Phong.

Ascott is the serviced residence arm of property developer CapitaLand.

Source : ChannelNews Asia – 30 Sep 2009

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Posted in Overseas Property, Service Apartments

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CapitaLand allots $1b to Ascott, China, Viet arms

Posted on 19 Aug 2009 | Comments Off on CapitaLand allots $1b to Ascott, China, Viet arms

Group expects to reduce cash levels from $2.8b to $1-2b over 6-12 months

PROPERTY giant CapitaLand has deployed about $1 billion from its $1.8 billion rights issue earlier this year to grow its China, Vietnam and Ascott businesses. The money will be used to increase the respective capital base of these three wholly owned businesses of the group.

CapitaLand group CFO Olivier Lim said that, over the next 6-12 months, the group expects its corporate treasury cash levels to be reduced from the existing $2.8 billion to $1-2 billion, partly by pre-paying debt that matures in the next two to three years, and partly by deploying capital to investment opportunities that may arise.

The $2.8 billion corporate treasury cash is part of the $4.2 billion cash and cash equivalents as at June 30, 2009, as reported with CapitaLand’s first-half results last month.

Half or $500 million of the additional capital deployment will go to CapitaLand China Holdings, $299 million to CapitaLand (Vietnam) Holdings Continue reading →

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Posted in Developers, Overseas Property

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