Service apartment show stable development in the real estate market This real estate segment targets foreign tenants living and working in Vietnam, including long-term employees and a few short-term tourists. Tenants of high-end serviced apartments often work in foreign-invested companies, embassies, industrial parks, international banks, and technology companies. According to Savills Vietnam, as of the end of 2019, Ho Chi Minh City has had around 6,000 apartment units with an average net rental of $25 per square metre per month and an occupancy rate at 84 per cent. Le Thi Quynh Le, associate director for residential sales of Savills Ho Chi Minh City, said that backed by strong foreign direct investment flows, the serviced apartment sector continues to perform well. This resilience will be tested in the face of increased completions of hotels and a wave of new apartment complexes. In Ho Chi Minh City, latest grade A and B serviced apartment projects can be attributed to Mai House, D1Mension Residences, and Republic Plaza, which in total offer more than 300 new units to the market. Other big brand names in this segment are Ascott, Frasers Hospitality, and Pan Pacific. CapitaLand’s wholly-owned lodging business unit, The Ascott Limited Ascott, has… Read full this story
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