CAPITALAND’S wholly-owned serviced residence business unit, The Ascott, has secured a contract to manage a 229-unit premier serviced residence in Doha, its second property in the capital city of Qatar. The new property, Ascott Doha, is scheduled to open in the second half of 2011 and follows Ascott’s recent addition of the 118-unit Ascott Park Place Dubai in the UAE to its portfolio. With Ascott Doha, the company will operate a total of 865 apartment units in five serviced residences across three cities in the Gulf region. Comprising 24 floors of luxury, Ascott Doha is located at the north end of Corniche Bay, offering stunning views of the Arabian Gulf. The serviced residence is in the heart of Doha’s diplomatic district, nestled among key ministry headquarters, embassies and consulates. Ronald Tay, Ascott’s chief investment officer, said: 'Qatar offers tremendous potential for Ascott as it is one of the fastest growing countries in the world due to its huge oil and gas reserves. Its economy is set for double-digit growth this year with further expansion expected over the coming years. Moreover, Qatar has been aggressively promoting tourism and will be hosting large-scale international events such as the 2022 FIFA World Cup. 'Having a second serviced residence (the first one being the Somerset West Bay) in Doha will allow us to cater to the strong demand for quality accommodation from the influx of business and leisure travellers. Besides strengthening our presence in Qatar, Bahrain and the UAE, we continue to actively look for opportunities in Kuwait, Oman and Saudi Arabia.' Ascott Doha will offer one-, two- and three-bedroom apartments to cater to both short- and long-stay travellers’ different lifestyle needs. Each apartment will come with a fully-equipped kitchen, en-suite bathrooms, separate work and living areas as well as modern amenities. Residents can also unwind and enjoy facilities such as two swimming pools, a Jacuzzi, a sauna and steam room, a gymnasium, a salon and a café. Besides Ascott Doha and Ascott Park Place Dubai, the company manages the 200-unit Somerset West Bay in Doha and the 118-unit Somerset Al Fateh in Manama, Bahrain.
