Published on : Tuesday, July 8, 2014
CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited , 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.”