Ascott clinches two serviced residences in Jeddah

It now has five condominiums in Saudi Arabia.

Capitaland’s wholly-owned serviced residence business unit, The Ascott Limited, today announced that it has secured agreements to manage two more serviced residences in the port city of Jeddah, Saudi Arabia.

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.

According to the statement, “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.”

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Mr Sym Lee, Ascott’s Head for the GCC, said, “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.