SINGAPORE, 14 October 2021: CapitaLand Investment’s (CLI)
wholly owned lodging business unit, The Ascott Limited, has formed a strategic
partnership with Sun Group, one of the biggest real estate developers in
Vietnam.

Ascott will manage Vietnam’s largest serviced residence integrated
development owned by Sun Group.

To date, Ascott has achieved a record of over 2,800 new
units in Vietnam, exceeding its full-year signings in the country in the
previous years.

Ascott will manage 1,905 units across three distinct
serviced residence brands within Sun Group’s Tay Ho View Complex in Hanoi. The
iconic integrated development will be Vietnam’s new landmark, transforming the
city’s skyline and rejuvenating the city’s exclusive waterfront Tay Ho
district.

Ascott will introduce its The Crest Collection brand in
Vietnam. Currently only available in France, this is the first time The Crest
Collection will debut in Asia, providing guests with a luxury experience
through a distinctive blend of character and heritage.

Ascott will also introduce its signature Ascott The
Residence brand as well as its fastest-growing brand, Citadines Apart’hotel.
Ascott The Residence offers discerning guests exclusive and personalised
experiences, while Citadines Apart’hotel offers the flexibility and practicality
of a serviced apartment with hotel services as well as locally influenced
experiences. The three serviced residences are expected to open in phases from
1Q 2023.

At the signing ceremony between Ascott and Sun Group, Kevin
Goh, CLI’s Chief Executive Officer for lodging said: “Forming strategic
collaborations with leading industry players continues to be a key growth
strategy for Ascott. It provides us with accelerated access to a pipeline of
quality projects to grow our global portfolio and our recurring fee income as
they open and stabilise. This is in line with CLI’s asset-light strategy.
Ascott’s strategic partnership with Sun Group to manage the biggest serviced
residence development in Vietnam with three of our brands demonstrates their
confidence in Ascott’s global expertise and brand reputation.”