Ascott To Acquire Hai Phong Serviced Residence Currently Under Its Management

CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has entered into a conditional joint venture agreement with Thuy Duong Investment Joint Stock Company whereby Ascott will acquire a 90% stake in Somerset Central TD Hai Phong City. This will be the first international brand of serviced residence in Hai Phong when it opens in the second half of 2012.

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