ASCOTT SECURES ITS FIRST SERVICED RESIDENCE IN SAUDI ARABIA
Ascott Olaya Riyadh to open in the nation’s capital city in 2015
Dubai, United Arab Emirates, 20 May 2013 – The Ascott Limited (Ascott), the world’s largest international serviced residence owner-operator, has entered 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). RAFAL, renowned for its innovation in building residential communities in Saudi Arabia, will develop Ascott Olaya Riyadh and 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 the United Arab Emirates.
Mr Chong Kee Hiong, Ascott’s Chief Executive Officer, said, “Ascott has steadily grown from Singapore to over 70 cities worldwide and our entry into Saudi Arabia marks yet another milestone for us. 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 5% per annum over the next few years. Saudi Arabia has the largest banking sector in the Middle East and is home to the 11th largest stock exchange in the world. The country has been attracting huge volumes of foreign direct investments as its economy continues to diversify and grow. 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.”
Mr Sym Lee, Ascott’s Head for GCC, said: “We are excited to be working with RAFAL for our first property in the Kingdom of Saudi Arabia. There is a huge demand for quality accommodation in Riyadh but international-standard serviced residences is lacking. Ascott Olaya Riyadh will address the needs of expatriates and travellers for a spacious, secure and comfortable place to call home. With our expertise in managing award-winning serviced residences worldwide, Ascott Olaya Riyadh will offer our guests personalised services and a top-class experience.”
Mr Majed Al Hogail, RAFAL’s Chief Executive Officer, said: “We are happy to work with Ascott in introducing their premier serviced residence brand to the Kingdom of Saudi Arabia. Given Ascott’s strong track record and marketing network worldwide, we are confident that Ascott Olaya Riyadh will quickly establish itself as an international-class serviced residence in the city. International travellers, nationals and expatriates will find it easy to make Ascott Olaya Riyadh their home away from home. Excavation works are underway and the property is expected to be completed on schedule.”
Ascott Olaya Riyadh
Ascott Olaya Riyadh is just five minutes from the highly anticipated King Abdullah Financial District. Touted as the new financial centre of Riyadh, the district will be home to the GCC Central Bank headquarters, the Capital Market Authority and the Saudi stock bourse, Tadawul. The King Abdullah Financial District will serve as a hub for financial and legal institutions, accounting and consultancy firms and other business service providers. Ascott Olaya Riyadh is also near to a wide variety of restaurants, shops and other conveniences nearby.
Guests can choose from a mix of studio, one or two-bedroom apartments to suit their lifestyle needs. Each elegantly-designed apartment will come with a fully-equipped kitchen, separate work and sleeping areas as well as a host of other modern amenities. Business travellers can make use of the serviced residence’s meeting rooms, business centre and other business support services. A health club, comprising a gymnasium, steam room and a swimming pool will be available for residents to unwind after a long day.
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.
About The Ascott Limited
The Ascott Limited is a Singapore company that has grown to be the world's largest international serviced residence owner-operator. It has more than 22,000 operating serviced residence units in key cities of Asia Pacific, Europe and the Gulf region, as well as over 9,000 units which are under development, making a total of more than 31,000 units in over 200 properties.
The company operates three brands – Ascott, Citadines and Somerset. Its portfolio spans over 70 cities across more than 20 countries, 17 of which are new cities in Ascott’s portfolio where its serviced residences are being developed.
Ascott, a wholly-owned subsidiary of CapitaLand Limited, pioneered Asia Pacific’s first international-class serviced residence with the opening of The Ascott Singapore in 1984. In 2006, it established the world’s first Pan-Asian serviced residence real estate investment trust, Ascott Residence Trust. Today, the company boasts a 29-year industry track record and award-winning serviced residence brands that enjoy recognition worldwide.
Ascott’s achievements have been recognised internationally. Recent awards include DestinAsian Readers’ Choice Awards 2013 for ‘Best Serviced Apartment/Residence Operator’, TTG China Travel Awards 2013 for ‘Best Serviced Residence Operator in China’, TTG Travel Awards 2012 for ‘Best Serviced Residence Operator’, Business Traveller Asia-Pacific Awards 2012 for ‘Best Serviced Residence Brand’ and ‘Best Serviced Residence in Asia-Pacific’, and Business Traveller UK Awards 2012 for ‘Best Serviced Apartment Company’.
Visit www.the-ascott.com for more information and connect with us on social media at www.the-ascott.com/connect.
About CapitaLand Limited
CapitaLand is one of Asia’s largest real estate companies. Headquartered and listed in Singapore, the company’s businesses in real estate and real estate fund management are focused on its core markets of Singapore and China.
The company’s diversified real estate portfolio primarily includes homes, offices, shopping malls, serviced residences and mixed developments. The company also has one of the largest real estate fund management businesses with assets located in Asia. CapitaLand leverages its significant asset base, real estate domain knowledge, product design and development capabilities, active capital management strategies and extensive market network to develop real estate products and services in its markets.
The listed entities of the CapitaLand Group include Australand, CapitaMalls Asia, Ascott Residence Trust, CapitaCommercial Trust, CapitaMall Trust, CapitaMalls Malaysia Trust, CapitaRetail China Trust and Quill Capita Trust.
Rafal Real Estate Development Company
Formed in late 2007 with headquarters in Riyadh, RAFAL’s objective is to develop distinguished communities with unique lifestyles, offering both clients and investors a real opportunity to live and invest. RAFAL is owned by leading business groups in the Kingdom of Saudi Arabia, namely, Ibrahim A. Abunayyan & Bros., A. K. Al Muhaidib & Sons Group and Arabian Tawazon for Commercial Investment Ltd..
RAFAL is a brand that is synonymous with innovative residential communities. It is already among the top 50 brands in Saudi Arabia, leading the market in quality real estate development focusing on residential communities for the middle income segment. It is culture driven, understanding, bold, exceptional, transparent, an aspirer and an achiever. RAFAL has a business philosophy that is firmly rooted in leveraging best practices across the globe to deliver best value and services to its clients. RAFAL ensures a sound business conduct, satisfied client relationships and profitable partnerships, and provides a comprehensive range of real estate products and services to bring an upheaval to the real estate sector in Saudi Arabia.
RAFAL’s achievements have been recognised internationally, regionally and locally. Its recent award was ‘The Best Real Estate Company in Saudi Arabia’ which it had won for three consecutive years.