CapitaLand’s Ascott is to acquire a residential project in Hanoi

Ascott is acquiring the 364-unit Somerset Metropolitan West Hanoi. The project is situated in Hanoi’s new central business district. It’s close to several government agencies as well as local and international corporations. It takes 10 minutes to drive to the Vietnam National Convention Centre, the country’s largest convention centre, while Noi Bai International Airport is a 30-minute drive away. This will increase CapitaLand’s portfolio to over 7,600 units across 31 properties in 10 cities in Vietnam.

An Ascott’s simulation of Somerset Metropolitan West Hanoi

The acquisition also includes a project in Paris, France

Ascott has also just bought a 139-unit coliving property, named livelyfhere Gambetta Paris. The transaction was made through the Ascott Serviced Residence Global Fund (ASRGF), Ascott’s private equity fund with Qatar Investment Authority. The agreements take up about 210 million SGD ($156.2 million). This acquisition will boost Ascott’s total fund assets under management (FUM) to about S$8 billion. Both properties will be acquired on a turnkey basis and are expected to open in 2024.

Kevin Goh, CapitaLand’s chief executive officer for lodging

“Our acquisition of these two prime properties in France and Vietnam is in line with Ascott’s ambition to expand our global lodging business,” said Kevin Goh, CapitaLand’s Chief Executive Officer. Ascott has established a strong presence in France and Vietnam, having been operating in these countries for more than 35 years and over 25 years respectively. To date, CapitaLand is present in more than 30 countries, of which the two main markets are Singapore and China. The Group has been expanding to key markets such as India, Vietnam, Australia, the United States of America, and Europe. In Vietnam, apart from the central areas such as Ho Chi Minh City and Hanoi, CapitaLand also has projects in Binh Duong, Cam Ranh, Da Nang, Hai Phong, Ha Long, Hoi An, Nha Trang, Vung Tau.

Sources of information include NDH and Doanhnghiep Niem Yet.