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CAPITALAND'S wholly owned serviced residence business The Ascott Limited has signed contracts for the management of its first two serviced residences in Al Khobar, one of the main cities in the oil-rich eastern province of Saudi Arabia.
The 172-unit Ascott Corniche Al Khobar and 133-unit Somerset Downtown Al Khobar are set to open in 2018 and 2019 respectively.
Ascott also plans to open seven more properties in the next three years in Dubai, Istanbul, Jeddah, Riyadh and the Omani cities of Muscat and Sohar. It now has more than 2,300 units across 16 properties in Bahrain, Oman, Qatar, Saudi Arabia, United Arab Emirates and Turkey.
Said Ascott CEO Lee Chee Koon: "As we continue to see strong demand fuelled by the growth in domestic and regional business as well as leisure travellers, Ascott targets to more than double up our scale to achieve 5,000 serviced residence units in the Middle East by 2020."