Ascott to launch Somerset serviced residence in Oman

Somerset Panorama Muscat is scheduled to open in 2014.

CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited, has expanded into a new country, Oman, by securing a management contract for a 220-unit serviced residence in Muscat, Oman’s capital. To be named Somerset Panorama Muscat, the serviced residence is scheduled to open in 2014.

Ascott has signed the management contract with Allied Real Estate LLC, an established Omani real estate company owned by Salim Bin Ali Bin Nasser Al Siyabi, who is a prominent business leader in Oman. With the addition of Somerset Panorama Muscat, Ascott will have a total of 1,085 apartment units across six serviced residences in the Gulf region.

Mr Lim Ming Yan, Ascott’s Chief Executive Officer, said: “Oman has tremendous potential for serviced residences, as it continues to diversify and strengthen its economy. With significant government investment of about US$31 billion in areas such as tourism and infrastructure, Oman’s GDP is expected to grow strongly over the next five years. Tourism is also forecasted to contribute up to 10% of Oman’s GDP by 2020. Hence, we expect to see an influx of corporations, expatriates and tourists into Oman. Ascott will have first-mover advantage by being the first international serviced residence operator in Oman.”