Ascott opens 850 keys in August

Capitaland's wholly owned serviced residence business unit and world’s leading serviced residence owner-operator, The Ascott Limited, has opened its first serviced residence in the Kingdom of Saudi Arabia, recently welcoming its first guests.

Vincent Miccolis, Ascott’s area general manager for the GCC region, says, 'We are delighted to welcome our first guests to Ascott Tahlia Jeddah. Its quality facilities and modern design, coupled with Ascott’s award-winning hospitality, will set the benchmark for serviced residences in the region.

'The opening of Ascott Tahlia Jeddah marks a key milestone for Ascott. It is the first of five Ascott serviced residences to be launched in Saudi Arabia. Ascott Tahlia is the first international branded serviced residence to open in Jeddah, and this will be followed by Ascott Sari Jeddah and Citadines Al Salamah Jeddah later this year. We will also open Ascott Rafal Olaya Riyadh in 2016 and Somerset Corniche Jeddah in 2017.'

Situated along Tahlia Street, Jeddah’s main commercial avenue, Ascott Tahlia is just minutes from major business areas and landmark office towers, home to banks, finance houses and consulates.

An ideal location for city living, residents will enjoy easy access to multinational companies, fashion boutiques, restaurants and cafés. Comprising 20 floors of unparalleled luxury, Ascott Tahlia offers spacious studio, one-, two- and three-bedroom apartments, including four penthouses. Each apartment features well-defined living and dining areas, as well as fully-equipped kitchens and modern amenities. The serviced residence also offers an array of lifestyle facilities such as a swimming pool, gymnasium, children’s playroom, guest lounge, restaurant and coffee shop.

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Ascott adds 850 keys in August alone

CapitaLand's Limited’s wholly owned serviced residence business unit, The Ascott Limited (Ascott), has secured four new contracts to add 850 units in August in four growing Asian markets. Having recently achieved its global target of 40,000 serviced residence units ahead of schedule, Ascott is widening its lead as the world’s largest international serviced residence owner and operator with over 42,000 units in 94 cities across 26 countries.

The new management contracts mark Ascott’s first property in the cities of Yogyakarta in Indonesia and Miri in Malaysia. Ascott has also secured a property in Binh Duong province in Vietnam and added a second serviced residence in Seoul, which is its third in South Korea. Of the four new properties, Citadines Han River Seoul will be the first to welcome guests from first quarter of 2016. The remaining three properties will be ready in 2018 - Citadines Punaka Yogyakarta, Somerset Arcadia Miri and Citadines Central Binh Duong.

Lee Chee Koon, Ascott’s chief executive officer, says: 'This year, we have grown faster than before by extending Ascott’s footprint to five new cities and adding about 4,700 units to our global network, which is almost double the units secured in the same period last year. Such an expansive growth demands an intimate understanding of the market and an ability to establish the right local alliances. We have forged strategic partnerships to ensure that Ascott remains the industry leader and we are in a strong position to accelerate our growth.

'Ascott’s entry into a joint venture with Qatar Investment Authority to set up a $600 million global serviced residence fund will provide us with the financial backing for acquisitions as we strive for our target of 80,000 units globally by 2020.'