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Ascott makes first foray into Turkey

THE Ascott, CapitaLand's wholly owned serviced residence business unit, on Friday said it has secured a contract to manage its first serviced residence in Turkey, Somerset Maslak Istanbul.

The Ascott's entry into Turkey will expand its footprint - as the world's largest global serviced residence owner-operator - to 90 cities across 25 countries, it said.

Slated to open in 2016, the 159-unit Somerset Maslak Istanbul will be part of an integrated development, Maslak 1453, which comprises a 1,453-metre long shopping promenade and 24 towers of commercial, residential, dining and recreational facilities.

The Ascott has been awarded the management contract for Somerset Maslak Istanbul by real estate company Maslak Konaklama, an affiliate of the Saudi-based Abduljawad Group of Companies.

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"Turkey is an attractive market for foreign investors and we see significant growth opportunities for international branded serviced residences. The country is amongst the world's top 20 largest economies. It has a strategic location at the crossroads of Europe, Middle East and Asia, a large domestic market and stable policy environment. As the financial hub of the country, Istanbul is a natural choice for multinational corporations setting up headquarters in Turkey," said Lee Chee Koon, Ascott's chief executive officer.

He added: "Tourism is also a significant contributor to the country's GDP. Visitor numbers have been seeing double-digit growth in the past three years and tourism revenue has been increasing steadily."