Ascott secures its first serviced residence in Saudi Arabia
Ascott Olaya Riyadh to open in the nation’s capital city in 2015
Singapore, 20 May 2013 – CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has entered Saudi Arabia by securing a management contract for its first premier serviced residence in Riyadh. The 230-unit Ascott Olaya Riyadh is slated to open near the King Abdullah Financial District in 2015. The management contract was awarded by Rafal Real Estate Development (RAFAL), the leading real estate development company in Saudi Arabia.
The addition of Ascott Olaya Riyadh will increase Ascott’s portfolio in the Gulf Cooperation Council (GCC) to almost 1,300 serviced apartment units across seven properties in Bahrain, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
Mr Chong Kee Hiong, Ascott’s Chief Executive Officer, said: “Ascott has steadily grown from Singapore to over 70 cities worldwide and our entry into Saudi Arabia marks yet another milestone for us. Saudi Arabia offers strong opportunities for serviced residences. It is the biggest economy in the Middle East and its gross domestic product is forecast to grow by about 5% per annum over the next few years. Saudi Arabia has the largest banking sector in the Middle East and is home to the 11th largest stock exchange in the world. The country has been attracting huge volumes of foreign direct investments as its economy continues to diversify and grow. Ascott’s expansion in the GCC with Ascott Olaya Riyadh will enable us to cater to the rising number of expatriates and travellers to the region.”
Mr Sym Lee, Ascott’s Head for GCC, said: “We are excited to be working with RAFAL for our first property in Saudi Arabia. There is a huge demand for quality accommodation in Riyadh but international-standard serviced residences is lacking. Ascott Olaya Riyadh will address the needs of expatriates and travellers for a spacious, secure and comfortable place to call home. With our expertise in managing award-winning serviced residences worldwide, Ascott Olaya Riyadh will offer our guests personalised services and a top-class experience.”