Saturday, March 18, 2017

Ascott to manage new property in Saudi Arabia

Ascott, a leading service residence owner-operator, said it has been awarded a contract to manage a Citadines-branded property at Al Khobar in the eastern province of Saudi Arabia.

Citadines Al Khobar will be located at central Al Khobar, in a highly sought after location between King Salman and Prince Fawaz streets on the 4th main street in Al Khobar Al Shamaliah, which offers numerous dining, shopping and leisure options.

It will comprise 54 spacious, one-bedroom apartments with various layouts, said a statement from the Singapore-based company.

Managed and operated by Ascott, facilities will include a breakfast area, residents’ lounge and fully equipped gym, making it an excellent choice for accommodation amongst business and leisure travellers.

With this new contract win, CapitaLand’s wholly-owned serviced residence business unit, Ascott, continues to expand its footprint in the Middle East to capture a bigger share of the market, it stated.  

“We are delighted to have signed an agreement to manage Citadines Al Khobar,” remarked Vincent Miccolis, Ascott’s country general manager for Middle East & Turkey.

Saudi Arabia remains a highly significant growth market and this latest signing will not only expand our presence in KSA but also reinforces our leadership position in the Middle East, he stated.

"Citadines Al Khobar is the third property, together with Citadines Abha and Somerset Al Khobar, that we will be working with developer AREIC (the real estate arm of Al Mutlaq Group) and we are pleased to strengthen our partnership with them," he added.

With corporate business driven by Saudi Aramco, the world’s largest oil company being based in the Eastern Province, demand for high quality serviced apartments is on the rise, stated Ascott in its statement.

Other large companies located in Al Khobar such as Sumitomo and Al Rashid sustain a steady demand for short, medium and long term accommodation due to regular visits for meetings and missions in the city.

Furthermore, Al Khobar is also considered Saudi Arabia’s most popular leisure holiday destination. Travel to the city from all parts of the kingdom is very high during the holiday period, which is primarily driven by school holidays, it said.

"Citadines Al Khobar, represents a significant opportunity for us to establish Ascott’s award-winning Citadines branded accommodation in Al Khobar," Miccolis added.-TradeArabia News Service

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