Ascott to open new serviced residence in Doha
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CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (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 serviced residence – Ascott Doha – is scheduled to open in the second half of 2011. This follows Ascott’s recent addition of the 118-unit Ascott Park Place Dubai in the UAE.With Ascott Doha, Ascott will operate a total of 865 apartment units in five serviced residences across three cities in the Gulf region. Comprising 24 floors, Ascott Doha is located at the north end of Corniche Bay, offering views of the Arabian Gulf. The serviced residence is in the heart of Doha’s diplomatic district and is within walking distance to the City Centre Mall. Ronald Tay, chief investment officer of The Ascott Limited, which oversees Ascott’s business in the Gulf region, 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 (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 United Arab Emirates, we continue to actively look for opportunities in Kuwait, Oman and Saudi Arabia.” Ascott Doha will offer one-, two- and three-bedroom apartments. Each apartment will come with a fully-equipped kitchen, en-suite bathrooms, separate work and living areas as well as modern amenities. Residents will also be provided access to facilities such as two swimming pools, a Jacuzzi, a sauna and steam room and a gymnasium.
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