CAPITALAND’S wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has announced plans for a new property in Oman, by securing a management contract for a 220-unit serviced residence in Muscat. The Somerset Panorama Muscat is scheduled to open in 2014. 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.
Lim Ming Yan, Ascot’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 $31 billion in areas such as tourism and infrastructure, Oman’s GDP is expected to grow strongly over the next five years. 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.”
Ronald Tay, Ascott’s chief investment officer who oversees the company’s business in the Gulf region, said: “Ascott’s growth strategy for the Gulf region is to build economies of scale by securing more management contracts. We will continue to expand our presence in Bahrain, Oman, Qatar and UAE, as well as look for opportunities in Kuwait and Saudi Arabia.”
Somerset Panorama Muscat will be part of an integrated development with retail and leisure amenities, as well as a private hospital for women and children. Situated in the bustling Al Khuwair commercial district, the serviced residence is five minutes away from Ruwi and 15 minutes from Muscat International Airport.
Ideal for travellers who are on business or holiday with their families, Somerset Panorama Muscat will offer a range of one-, two- and three-bedroom apartments. Facilities include a gymnasium, residents’ lounge, swimming pool, children’s pool and playroom.