Published on : Tuesday, July 8, 2014
CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has deepened its presence in Saudi Arabia as it secured agreements to manage two more serviced residences in the vibrant port city of Jeddah. The 51-unit Citadines Sari
Jeddah is slated to open in 2015 while the 135-unit Somerset Corniche
Jeddah, the first Somerset-branded serviced residence in Saudi Arabia, will
open in 2016.
The additions will strengthen Ascott’s portfolio in Saudi Arabia to nearly
700 apartment units across five serviced residences. In the Gulf Cooperation
Council (GCC), Ascott’s portfolio will increase to more than 1,700
apartment units across 11 properties in Bahrain, Qatar, Oman, Saudi Arabia
and the United Arab Emirates.
Mr Sym Lee, Ascott’s Head for the GCC, said: “We continue to see strong
opportunities to expand our network of serviced residences and build our
scale in the GCC. Saudi Arabia, in particular, is the Gulf’s largest economy.
It has attracted US$141 billion in foreign direct investments during the past
five years, the highest in the entire Middle East.
The country’s economy
continues to show robust growth on the back of infrastructure and private
sector development. This bodes well for Ascott as demand for our serviced
residences will grow with more companies setting up their businesses in the
country. Next year, we have four properties slated to open in Saudi Arabia.”
He added: “Within Saudi Arabia, Jeddah has emerged as one of the key
business destinations, attracting a steady flow of travellers who are there for
projects, meetings and conventions.
The city is also a popular stopover
destination for Muslim pilgrims visiting the neighbouring holy cities of
Makkah and Medina. There is huge demand for international-quality
accommodation in Jeddah but supply is lacking. With Citadines Sari Jeddah
and Somerset Corniche Jeddah, discerning travellers can expect spacious
and stylishly-designed apartments that come complete with amenities and
personalised services, providing them with an ideal home away from home.”
The management agreements for Citadines Sari Jeddah and Somerset Corniche
Jeddah are awarded by United Spectrums Holding, a subsidiary of Abdul Samad Al
Qurashi Group, one of the leading conglomerates in Saudi Arabia with operations
throughout the Gulf region and Europe.
Besides Citadines Sari Jeddah and Somerset
Corniche Jeddah, Ascott will manage the 125-unit Ascott Tahlia Jeddah and the 122-
unit Citadines Al Salamah Jeddah for the Group when the properties open in 2015.
In the GCC, Ascott is also scheduled to open Ascott Olaya Riyadh, as well as its first
properties in Oman, Somerset Panorama Muscat and Sohar Garden Residences, in
2015. Ascott currently manages Ascott Park Place Dubai, Ascott Doha, Somerset
West Bay Doha and Somerset Al Fateh Bahrain.