CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has deepened its presence in Saudi Arabia as it secured agreements to manage two more serviced residences in the port city of Jeddah. The 51-unit Citadines Sari Jeddah is slated to open in 2015 while the 135-unit Somerset Corniche Jeddah, the first Somerset-branded serviced residence in Saudi Arabia, will open in 2016.
The additions will strengthen Ascott’s portfolio in Saudi Arabia to nearly 700 apartment units across five serviced residences. In the Gulf Cooperation Council (GCC), Ascott’s portfolio will increase to more than 1,700 apartment units across 11 properties in Bahrain, Qatar, Oman, Saudi Arabia and the United Arab Emirates.
Mr Sym Lee, Ascott’s Head for the GCC, said: “We continue to see strong opportunities to expand our network of serviced residences and build our scale in the GCC. Saudi Arabia, in particular, is the Gulf’s largest economy. It has attracted US$141 billion in foreign direct investments during the past five years, the highest in the entire Middle East. The country’s economy continues to show robust growth on the back of infrastructure and private sector development. This bodes well for Ascott as demand for our serviced residences will grow with more companies setting up their businesses in the country. Next year, we have four properties slated to open in Saudi Arabia.”
He added: “Within Saudi Arabia, Jeddah has emerged as one of the key business destinations, attracting a steady flow of travellers who are there for projects, meetings and conventions. The city is also a popular stopover destination for Muslim pilgrims visiting the neighbouring holy cities of Makkah and Medina. There is huge demand for international-quality accommodation in Jeddah but supply is lacking. With Citadines Sari Jeddah and Somerset Corniche Jeddah, discerning travellers can expect spacious and stylishly-designed apartments that come complete with amenities and personalised services, providing them with an ideal home away from home.”
The management agreements for Citadines Sari Jeddah and Somerset Corniche Jeddah are awarded by United Spectrums Holding, a subsidiary of Abdul Samad Al Qurashi Group, one of the leading conglomerates in Saudi Arabia with operations throughout the Gulf region and Europe. Besides Citadines Sari Jeddah and Somerset Corniche Jeddah, Ascott will manage the 125-unit Ascott Tahlia Jeddah and the 122-unit Citadines Al Salamah Jeddah for the Group when the properties open in 2015.
In the GCC, Ascott is also scheduled to open Ascott Olaya Riyadh, as well as its first properties in Oman, Somerset Panorama Muscat and Sohar Garden Residences, in 2015. Ascott currently manages Ascott Park Place Dubai, Ascott Doha, Somerset West Bay Doha and Somerset Al Fateh Bahrain.
About Citadines Sari Jeddah
Citadines Sari Jeddah is strategically located on Sari Road near the junction with King Abdulaziz Road. These are two of Jeddah’s main arterial roads, which house multinational companies such as Unilever and Saudi Hollandi Bank. Residents will be able to enjoy convenient access to international boutiques, restaurants and cafés nearby. The property is also right next to Stars Avenue Mall, one of Jeddah’s most prominent and popular shopping centres.
An ideal accommodation for independent travellers who appreciate city living, Citadines Sari Jeddah will offer studios, one- and two-bedroom apartments that come with a fully-equipped kitchen, separate work and living areas, as well as modern amenities. Residents can enjoy facilities such as a residents’ lounge, restaurant and swimming pool.
About Somerset Corniche Jeddah
Somerset Corniche Jeddah is located along the city’s picturesque coastal area, just a street away from the Red Sea and a 20-minute drive from the King Abdulaziz International Airport. The property is close to Jeddah’s main business districts in Tahlia and Al Khalidia, international schools such as American International School and British International School and the King Fahad Hospital. It is also within walking distance to parks, restaurants and retail outlets along the coastal area, providing a range of leisure options to residents and their families on short or extended stays.
Guests can choose from a mix of studios, one-bedroom and two-bedroom apartments to suit their needs. Somerset Corniche Jeddah’s facilities include a swimming pool, fully-equipped gymnasium, residents’ lounge, children’s playroom and restaurant.
