Ascott and Sun Group Deepen Strategic Partnership with Four New Projects in Phu Quoc and Ho Chi Minh City
Ascott and Sun Group signed agreements for four new properties in Ho Chi Minh City and Phu Quoc, bringing Ascott's Vietnam portfolio to 40 properties and over 10,100 units, with all projects slated to open in 2028.
Photo by The Ascott Limited
The Ascott Limited (Ascott), the lodging business unit wholly owned by CapitaLand Investment (CLI), has strengthened its strategic partnership with Sun Group through the signing of four new hospitality projects in Ho Chi Minh City and Phu Quoc, further reinforcing Ascott’s presence in Vietnam’s key tourism and gateway markets.
The latest additions comprise the first property in South Vietnam to debut under The Crest Collection, alongside a large-scale multi-brand integrated hospitality development in Phu Quoc comprising Ascott, lyf, and HARRIS. Together, the projects reflect both parties’ shared ambition to shape Vietnam’s evolving hospitality landscape through differentiated concepts, elevated guest experiences, and destination-led developments. With this signing, Ascott’s portfolio in Vietnam now totals 40 properties and over 10,100 units across operational and pipeline developments.
The Crest Collection Debuts in Ho Chi Minh City
Scheduled to open in 2028, The Crest Collection property will feature 146 keys, marking another milestone in the expansion of The Crest Collection in Asia. Known for its collection of bespoke hospitality experiences, every property under The Crest Collection is designed to captivate and enthuse those who seek not just to experience a destination but be immersed in its unique stories. Notably, this development is positioned as a flagship project in Southern Vietnam, a reiteration of the strategic importance of the brand’s debut in Ho Chi Minh City and its role in setting a new benchmark for luxury hospitality in the region.
The Crest Collection property enjoys a prime address within Ho Chi Minh City’s leading commercial, hospitality, and lifestyle district, in close proximity to key landmarks such as Nguyen Hue Walking Street, Saigon Opera House, and Ben Thanh Market, as well as luxury hotels, Grade A office towers, upscale dining venues, and premium retail destinations.
Seated in an area widely regarded as the city’s premier luxury district, the property is conveniently supported by strong connectivity via major arterial roads and Metro Line 1. Well positioned to cater to business travelers, affluent leisure guests, diplomatic visitors, and long-stay residents seeking refined hospitality experiences, on-site facilities will include an all-day dining restaurant, café bar, reading room and executive lounge, and a fitness center.
Seated in an area widely regarded as the city’s premier luxury district, the property is conveniently supported by strong connectivity via major arterial roads and Metro Line 1. Well positioned to cater to business travelers, affluent leisure guests, diplomatic visitors, and long-stay residents seeking refined hospitality experiences, on-site facilities will include an all-day dining restaurant, café bar, reading room and executive lounge, and a fitness center.
Phu Quoc Hillside Development introduces Three Distinct Hospitality Brands
Building on continued momentum, the Phu Quoc Hillside Development will introduce three hospitality brands under Ascott within a large-scale integrated development located in Sunset Town, An Thoi Ward, South Phu Quoc.
Set within within the Ong Quan Mountain precinct, the multi-brand development places guests within easy reach of Phu Quoc’s key tourism and lifestyle landmarks including Bai Kem Beach, Sun World Hon Thom, Phu Quoc International Airport, and the rapidly developing Sunset Town and Harbour District – complete with direct access to major leisure and entertainment attractions.
Slated to open in 2028, the integrated development comprises:
lyf property (573 keys)
Designed for next-generation travelers, lyf delivers a vibrant experience-led social living concept anchored by distinctive social spaces. A brand that challenges conventions and evolves to market needs, lyf prides itself on creating communities where like minds can connect over impactful experiences and dynamic programming. Unlike the usual stay, lyf Phu Quoc Hillside will offer guests a playground that extends across co-working spaces, entertainment areas, a swimming pool, and communal lifestyle amenities – all designed to offer guests a dynamic way to stay, work and play.
Ascott property (573 keys)
Exemplifying Ascott’s brand philosophy of Savouring the Art of Living, Ascott Phu Quoc Hillside will offer premium serviced residence living defined by refined comfort and personalised hospitality, complemented by a suite of thoughtfully designed spaces and experiences. These include an all-day dining restaurant, executive lounge, ballroom, swimming pool, gym, kids’ club, and curated leisure offerings.
HARRIS property (441 keys)
Catering to families and leisure travelers, HARRIS will take family fun to the next level with an energetic stay experience anchored in joy and togetherness. The property will house a kids’ club, games area, swimming pool alongside a medley of indoor and outdoor recreational facilities – creating a vibrant environment where relaxation and play come together seamlessly.
The comprehensive development is expected to capture diversified demand from a mix of guest profiles from upscale leisure travelers and families to destination events, and long-stay segments, further strengthening Phu Quoc’s position as a leading integrated tourism hub in Vietnam.
The collaboration between Ascott and Sun Group underscores both companies’ long-term commitment to developing high-quality hospitality destinations that contribute to Vietnam’s rapidly evolving tourism and lifestyle landscape.
About The Ascott Limited
Since pioneering Asia Pacific's first international-class serviced residence with the opening of The Ascott Singapore in 1984, Ascott has grown to be a trusted hospitality company with more than 940 properties globally. Headquartered in Singapore, Ascott's presence extends across more than 220 cities in over 40 countries in Asia Pacific, Central Asia, Europe, the Middle East, Africa, and the USA.
Ascott's diversified accommodation offerings span serviced residences, co-living properties, hotels and independent senior living apartments, as well as student accommodation and rental housing. Its award-winning hospitality brands include Ascott, Citadines, lyf, Oakwood, Quest, Somerset, The Crest Collection, The Unlimited Collection, Preference, Fox, Harris, POP!, Vertu and Yello; and it has a brand partnership with Domitys. Through Ascott Star Rewards (ASR), Ascott's loyalty programme, members enjoy exclusive privileges and offers at participating properties.
A wholly owned business unit of CapitaLand Investment Limited, Ascott is a leading vertically-integrated lodging operator. Harnessing its extensive network of third-party owners and in-market expertise, Ascott grows fee-related earnings through its hospitality management and investment management capabilities. Ascott also expands its funds under management by growing its sponsored CapitaLand Ascott Trust and private funds.
For more information on Ascott's industry record of 40 years and its sustainability programme, please visit www.discoverasr.com/the-ascott-limited. Connect with us on Facebook, Instagram, TikTok and LinkedIn.
About CapitaLand Investment Limited
Headquartered and listed in Singapore, CapitaLand Investment Limited (CLI) is a leading global real estate investment manager (REIM) with a strong Asia foothold. As at 30 September 2023, CLI had S$133 billion of real estate assets under management, and S$90 billion of real estate funds under management (FUM) held via six listed real estate investment trusts and business trusts, and more than 30 private vehicles across Asia Pacific, Europe and USA. Its diversified real estate asset classes cover retail, office, lodging, business parks, industrial, logistics and data centres.
CLI aims to scale its FUM and fee-related earnings through fund management, lodging management and its full stack of operating capabilities, and maintain effective capital management. As the investment management arm of CapitaLand Group, CLI has access to the development capabilities of and pipeline investment opportunities from CapitaLand's development arm.
As a responsible company, CLI places sustainability at the core of what it does and has committed to achieve Net Zero carbon emissions for scope 1 and 2 by 2050. CLI contributes to the environmental and social well-being of the communities where it operates, as it delivers long-term economic value to its stakeholders.
Visit http://www.capitalandinvest.com/ for more information.
About Sun Group
One of Vietnam's leading integrated hospitality, entertainment, infrastructure and real estate companies, Sun Group was launched in 2007 and has built up an impressive nationwide portfolio of projects that have left a timeless imprint across the country. From internationally branded hotels and resorts in partnership with the world's leading operators, such as Marriott, IHG and Accor, to entertainment complexes, international airports, cruise ports, wellness retreats, golf courses and more, this innovative company is successfully putting Vietnam on the global tourism map. Sun Group collaborates with leading architects and designers such as Bill Bensley, who share its commitment to sustainable development. Learn more at sungroup.com.vn/en.