Oakwood targets niche market with first step into Vietnam
Oakwood targets niche market with first step into Vietnam
The Oakwood Asia-Pacific brand marks its first step into Vietnam on August 26 by signing a hotel management contract with domestic real estate developer Son Kim Land over Oakwood Apartments in Ho Chi Minh City.
Oakwood Apartments is a serviced residential complex located in District 3, Ho Chi Minh City, and will offer 68 units ranging from studios to two-bedroom apartments.
It will also offer a range of facilities, including restaurants, a swimming pool, gym, sauna, bistro, and will target both long and short-term clientele. The project is currently in the pre-opening stage and is expected to be operational in the last quarter of 2016.
Oakwood Asia Pacific, 49 per cent owned by Mapletree Group, is a leading serviced apartment operator offering four brands for long and short-term stays. Oakwood Apartments is the upper-midscale brand within the company’s portfolio.
The company specialises in the management of serviced apartments and extended-stay properties throughout Asia and Australia.
According to Nguyen Minh Son, CEO of Son Kim Land, as the owner of the identifiable Indochina Park Tower in Ho Chi Minh City, Son Kim Land was confident in carrying out Oakwood Apartment.
“We believe that all success and experience adopted in managing Indochina Park Tower will be applied in Oakwood Apartments to offer travellers memorable experience during their tenancy with good location, upscale facilities and premium management services. That is the golden corporate philosophy we persistently follow,” said Son.
Rudolf Hever, executive director at Alternaty, commented that the Ho Chi Minh City real estate market has continued to gather momentum this year, with the construction of residential projects progressing at a rapid pace. However, there remains a shortage of well-positioned serviced apartments that could cater for the demands of corporate travellers, both transient and long-term.
“This source of demand is constantly growing as the economy keeps improving. The serviced apartment segment in Vietnam has fantastic potential and we believe Oakwood Apartments will be an excellent product offering single and professional couples a great alternative to traditional hotels,” said Hever.
