Ascott Bolsters Presence In Saudi Arabia With Two More Properties In Jeddah
Citadines Sari Jeddah and Somerset Corniche Jeddah to open in 2015 and 2016 respectively
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.
About Citadines Sari Jeddah
Citadines Sari Jeddah is strategically located on Sari Road near the junction with King Abdulaziz Road. These are two of Jeddah's main arterial roads, which house multinational companies such as Unilever and Saudi Hollandi Bank. Residents will be able to enjoy convenient access to international boutiques, restaurants and cafés nearby. The property is also right next to Stars Avenue Mall, one of Jeddah's most prominent and popular shopping centres.
An ideal accommodation for independent travellers who appreciate city living, Citadines Sari Jeddah will offer studios, one- and two-bedroom apartments that come with a fully-equipped kitchen, separate work and living areas, as well as modern amenities. Residents can enjoy facilities such as a residents' lounge, restaurant and swimming pool.
About Somerset Corniche Jeddah
Somerset Corniche Jeddah is located along the city's picturesque coastal area, just a street away from the Red Sea and a 20-minute drive from the King Abdulaziz International Airport. The property is close to Jeddah's main business districts in Tahlia and Al Khalidia, international schools such as American International School and British International School and the King Fahad Hospital. It is also within walking distance to parks, restaurants and retail outlets along the coastal area, providing a range of leisure options to residents and their families on short or extended stays.
Guests can choose from a mix of studios, one-bedroom and two-bedroom apartments to suit their needs. Somerset Corniche Jeddah's facilities include a swimming pool, fully-equipped gymnasium, residents' lounge, children's playroom and restaurant.
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About The Ascott Limited
The Ascott Limited is a Singapore company that has grown to be one of the leading international serviced residence owner-operators. It has over 30,000 operating serviced residence units in key cities of the Americas, Asia Pacific, Europe and the Middle East, as well as over 22,000 units which are under development, making a total of more than 52,000 units in over 300 properties. The company operates three award-winning brands – Ascott, Citadines and Somerset, along with The Crest Collection and lyf. Ascott"s portfolio spans more than 100 cities across 29 countries.
Ascott, a wholly owned subsidiary of CapitaLand Limited, pioneered Asia Pacific's first international-class serviced residence with the opening of The Ascott Singapore in 1984. Today, the company boasts over 30 years of industry track record and award-winning serviced residence brands that enjoy recognition worldwide.
Ascott"s achievements have been recognised internationally. Recent awards include DestinAsian Readers" Choice Awards 2017 for "Best Serviced Residence Brand"; TTG China Travel Awards 2017 for "Best Serviced Residence Operator in China"; World Travel Awards 2016 for "Leading Serviced Apartment Brand" in Asia, Europe and the Middle East; Business Traveller Asia-Pacific Awards 2016 for "Best Serviced Residence Brand"; Business Traveller Middle East Awards 2016 for "Best Serviced Apartment Company"; Business Traveller UK Awards 2016 for "Best Serviced Apartment Company" and Business Traveller China Awards 2016 for "Best Serviced Residence Brand". For a full list of awards, please visit www.theascott.com/ascottlimited/awards.html.
About CapitaLand Limited
CapitaLand is one of Asia"s largest real estate companies. Headquartered and listed in Singapore, it is an owner and manager of a global portfolio worth more than S$78 billion as at 31 December 2016, comprising integrated developments, shopping malls, serviced residences, offices, homes, real estate investment trusts (REITs) and funds. Present across more than 130 cities in over 20 countries, the Group focuses on Singapore and China as core markets, while it continues to expand in markets such as Vietnam and Indonesia.
CapitaLand"s competitive advantage is its significant asset base and extensive market network. Coupled with extensive design, development and operational capabilities, the Group develops and manages high-quality real estate products and services. It also has one of the largest investment management businesses in Asia and a stable of five REITs listed in Singapore and Malaysia – CapitaLand Mall Trust, CapitaLand Commercial Trust, Ascott Residence Trust, CapitaLand Retail China Trust and CapitaLand Malaysia Mall Trust.
Visit www.capitaland.com for more information