CapitaLand’s wholly owned serviced residence business unit, The Ascott Limited (Ascott), has signed contracts to manage its first two serviced residences in Al Khobar, one of the main metropolitan cities in Saudi Arabia’s oil-rich Eastern Province.
The 172-unit Ascott Corniche Al Khobar and 133- unit Somerset Downtown Al Khobar are slated to open in 2018 and 2019 respectively, the company said in a statement.
These latest contracts will increase Ascott’s presence in the Middle East to more than 2,300 apartment units across 16 properties in nine cities in Bahrain, Oman, Qatar, Saudi Arabia, Turkey and the UAE, it added.
Lee Chee Koon, Ascott’s CEO, said: “In addition to these two new properties in Al Khobar, Ascott will open seven more properties over the next three years, in Dubai in UAE, Istanbul in Turkey, Jeddah and Riyadh in Saudi Arabia and Muscat and Sohar in Oman.
