HANOI, VIETNAM, 17 August 2026 — The Ascott Limited (Ascott), a Singapore-headquartered global hospitality company wholly owned by CapitaLand Investment (CLI), has signed a management agreement with Steel Industry Material Joint Stock Company (SIMCO Group) to operate Ascott West Hanoi, marking the first collaboration between the two companies and adding another property to Ascott’s expanding Vietnam portfolio.
Scheduled to open in the first quarter of 2030, Ascott West Hanoi will be developed in Hanoi’s western commercial corridor, an area identified in the announcement as an increasingly important business district for technology and manufacturing companies, diplomatic missions and international communities. The signing brings Ascott’s operational and pipeline portfolio in Vietnam to 43 properties comprising more than 12,000 units nationwide.
For SIMCO Group, the agreement represents an entry into luxury hospitality, extending its activities beyond its industrial foundation and real estate development track record. The company will work with Ascott on the development of the 220-apartment property, which is positioned to serve the requirements of both short- and extended-stay guests in one of Hanoi’s growing commercial areas.
Ascott West Hanoi will be located at the western gateway of Hanoi, within the city’s new business district in the west. Its location provides access to key business and administrative districts, international convention venues and Noi Bai International Airport through Ring Road 3. The property is also positioned within an area where technology and manufacturing companies, diplomatic missions and international communities are increasingly present.
The development will comprise 220 apartments ranging from one to four bedrooms. The property is designed around a refined living concept, with facilities intended to support productivity, comfort and wellbeing. Its accommodation offering will be complemented by on-site dining options and an exclusive Club Lounge, providing additional spaces within the property for guests staying for different durations.
Business and event infrastructure will form part of the property’s facilities, with meeting and event spaces planned alongside the accommodation. The development will also include a range of wellness and leisure amenities, including swimming pools, a Kids’ Club, gym, spa and a 3D golf simulator room.
The combination of apartment sizes and on-site facilities will allow Ascott West Hanoi to accommodate both short and extended stays. The property is also expected to cater to business travellers, expatriates, families and leisure guests, reflecting the range of customer segments identified for the development.
David Cumming, Regional General Manager of Indochina at Ascott, said Vietnam remains one of Ascott’s dynamic markets and highlighted the company’s more than 30 years of experience in the country. He also noted the company’s established relationships with local partners as part of its continued development in the market.
The agreement with SIMCO Group forms part of Ascott’s expansion in key economic gateways in Vietnam. Cumming said the partnership would support the development of Ascott West Hanoi and the company’s expansion of its flagship brand in the country, while the property is being positioned around hybrid hospitality and executive living in Hanoi’s western district.
SIMCO Group Chairwoman of the Board of Directors Nguyen Thi Thanh Thuy said the partnership reflects the company’s vision and capabilities as well as its commitment to delivering living experiences for its customers. She also identified Ascott West Hanoi as a development that will contribute to Hanoi’s position as a cultural and economic destination in the region.
The partnership combines Ascott’s hospitality management platform with SIMCO Group’s experience in industrial activities and real estate development. For Ascott, the agreement increases its Vietnam operational and pipeline presence to 43 properties and more than 12,000 units, while for SIMCO Group, the project introduces its business into the luxury hospitality sector.
The development is also tied to the continued commercial growth of western Hanoi. Ascott West Hanoi’s location within the city’s new business district places the property close to business and administrative areas, international convention venues and the airport. The surrounding district is described as a growing hub for technology and manufacturing companies, diplomatic missions and international communities.
As planned, Ascott West Hanoi will offer one- to four-bedroom apartments alongside dining, meeting, event, wellness and leisure facilities. The property is scheduled to open in the first quarter of 2030 under Ascott’s management, establishing the first partnership between Ascott and SIMCO Group in Vietnam.