THE Ascott Limited (Ascott) has entered Saudi Arabia with a management contract for its first premier serviced residence in Riyadh. 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). Rafal will develop Ascott Olaya Riyadh and the serviced residence will be part of a larger real estate project, Rafal Residences.
The addition of Ascott Olaya Riyadh will increase the presence of the Singapore-based company in the GCC to almost 1,300 serviced apartment units across seven properties in Bahrain, Oman, Qatar, Saudi Arabia and the UAE.
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 five per cent 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.”
Ascott Olaya Riyadh is just five minutes from the highly anticipated King Abdullah Financial District. Guests can choose from a mix of studio, one or two-bedroom apartments to suit their lifestyle needs. Each elegantly-designed apartment will come with a fully-equipped kitchen, separate work and sleeping areas as well as a host of other modern amenities. Business travellers can make use of the serviced residence’s meeting rooms, business centre and other business support services. A health club, comprising a gymnasium, steam room and a swimming pool will be available for residents to unwind after a long day.
In the GCC, Ascott currently manages Ascott Park Place in Dubai, Ascott Doha, Somerset West Bay in Doha and Somerset Al Fateh in Bahrain. Ascott is also slated to open its first properties in Oman, Somerset Panorama Muscat and Sohar Garden Residences, by 2014.