Ascott partners with BIM Group to develop condotel
Ascott partners with BIM Group to develop condotel
The Ascott Limited, among the world’s largest international serviced residence owner-operators, has partnered with BIM Group to develop the first world-class condotel project in Quang Ninh Province under the brand Citadines.
Citadines Marina Halong, consisting of condotels and luxury apartments, will make its debut this month.
Located near the coast of Ha Long Bay in the province’s most infrastructure-developed urban area, Citadines Marina Halong, with world-standard service quality and amenities, is expected to become the highlight of the northern property market’s high-end segment.
Lê Minh Dung, director of the property business of Quang Ninh-based BIM Group, said: “The partnership between Ascott and BIM Group will contribute to boosting development of Quang Ninh Province’s property market in particular and of Viet Nam in general.”
“We hope Citadines Marina Halong will set a new quality standard for property products and create impetus for BIM Group to develop other projects,” Dung said.
Citadines Marina Halong has been introduced at a time when Quang Ninh is facing a shortage of luxury accommodation, receiving an increasing number of tourists every year.
Statistics revealed that the province welcomed 2.62 million foreign arrivals last year but had only 18 hotels of 4 or 5-star categories, with a total of 3,200 rooms.
With local authorities' efforts to improve the infrastructure system and promote the tourism industry and the landing of billions of dollars investment in tourism property developments, the northern province is expected to become a tourist hub in the northern region.
With more than 20 years of developing projects in Viet Nam, Singapore-based The Ascott Limited has to its credit a number of successful projects under the brand Somerset, such as Sumerset Grand Hanoi, Somerset West Lake and Somerset Chancellor Court.
The group is currently operating nearly 4,600 apartment units in seven provinces and cities in Viet Nam. Its Real Estate Investment Trust (Ascott Reit) earned revenue of US$33 million in 2012.
