The Ascott Limited (Ascott) has forayed into Saudi Arabia by securing 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). 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 Gulf Cooperation Council (GCC) to almost 1,300 serviced apartment units across seven properties in Bahrain, Oman, Qatar, Saudi Arabia and UAE.
Chong Kee Hiong, Ascott’s chief executive officer, said: “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 percent per annum over the next few years. 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.”
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.