Ascott Expands In Saudi Arabia

Operator foresees residence demand boom on back of Kingdom’s FDI growth

International serviced residence operator Ascott has signed contracts for two residences in Jeddah.

The 51-unit Citadines Sari Jeddah is slated to open in 2015 while the 135-unit Somerset Corniche Jeddah, the first Somerset-branded serviced residence in Saudi Arabia, will open in 2016 offering a mix of studios, one-bedroom and two-bedroom apartments.

Citadines Sari Jeddah will be located on Sari Road near the junction with King Abdulaziz Road while Somerset Corniche Jeddah will be “a street away” from the Red Sea and a 20-minute drive from King Abdulaziz International Airport. The additions swell Ascott’s portfolio in Saudi Arabia to nearly 700 units across five serviced residences.

Sym Lee, Ascott’s head for the GCC, said it continues to see strong opportunities in the Kingdom, given it has attracted $141 billion in FDI during the past five years, and foresees rising demand for residences as more companies set up in the country.

He said the brace of new properties will provide travellers with spacious and stylishly designed apartments that come with amenities and personalised services.

Ascott is scheduled to open Ascott Olaya Riyadh, as well as its first properties in Oman, Somerset Panorama Muscat and Sohar Garden Residences, next year.