Graham Black, Ascott’s country general manager for Vietnam, said at the launching ceremony that the Somerset Vista Ho Chi Minh City, located at An Phu Ward in HCMC’s District 2, will join the local serviced apartment market with some 100 units for lease. The Ascott Limited is the wholly-owned serviced residence business unit of CapitaLand Limited in Singapore.

The new property is part of The Vista, a residential development built by CapitaLand and two local partners namely Thien Duc Trading Construction Co. and Phu Gia Investment Joint Stock Company. In addition to 750 apartment units, the development has a retail podium and some 4,200 square meters of office space for lease. 

Black said despite current market challenges, the company’s existing serviced residences in HCMC’s central urban district are performing well with a strong occupancy of over 80%.

“Having a serviced residence in District 2 allows us to capitalize on the accommodation demand in another part of this city and reap the benefits when market conditions improve,” Black said.

To celebrate the opening of the property, the operator offers rates from some VND1.6 million per night for a two-bedroom apartment from now until February 28. The rate may be adjusted after the initial period.

Beside three developments in HCMC and four in the capital city of Hanoi, the Singaporean company plans to launch more properties in Vietnam over the next few years, including Somerset Central TD Hai Phong City in 2014 and Somerset Danang Bay in 2015.