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ASCOTT ACCELERATES GROWTH IN THE MIDDLE EAST WITH THREE MORE CONTRACTS AND A NEW PROPERTY OPENING IN SAUDI ARABIA

10-17-2016 12:39 PM CET | Industry, Real Estate & Construction

Press release from: The Ascott Limited

Singapore, 17 October 2016 – CapitaLand’s wholly owned serviced residence business unit, The Ascott Limited (Ascott), continues to extend its footprint in the Middle East to capture a bigger share of the market, by clinching contracts to manage another three properties in Saudi Arabia, including its first in the Islamic holy city of Makkah. The 280-unit Ascott Makkah, 92-unit Ascott Villas Riyadh and 69-unit Spectrums Residence in Jeddah are all slated to open in 2017.

In addition, Ascott is set to open Ascott Rafal Olaya Riyadh, its first serviced residence in the Kingdom’s capital, as the company affirmed its leadership position in the Middle East with three wins at the recent World Travel Awards, including being named Middle East’s ‘Leading Serviced Apartment Brand’.

Mr Lee Chee Koon, Ascott’s Chief Executive Officer, said: “Religious tourism is one of the fastest growing segments in the travel industry. In Saudi Arabia, religious tourism is valued at US$5.68 billion, with 19 million pilgrims having visited Makkah and Madinah in 2015, and this is further expected to reach 30 million by 2025 . The strong partnerships we have forged in the Middle East have enabled us to accelerate Ascott’s expansion in the region to tap this growing market. Saudi conglomerate Abdul Samad Al Qurashi has entrusted Ascott to manage six serviced residences, the latest being Ascott Makkah and Spectrums Residence in Jeddah. We will further expand via management contracts in these gateway cities where we will continue to build scale. We aim to double our portfolio in the Middle East to 5,000 units by 2020.”

The latest contracts increase Ascott’s portfolio in the Middle East to more than 2,700 apartment units in 19 properties across 10 cities in Bahrain, Oman, Qatar, Saudi Arabia, Turkey and the United Arab Emirates (UAE).

Mr Lee added: “Our partners recognise Ascott’s extensive capabilities in operating serviced residences and our global network of properties. Ascott has presence in eight of the top 10 destinations popular with Muslim travellers – Malaysia, UAE, Turkey, Indonesia, Qatar, Saudi Arabia, Oman and Singapore . We will be able to tap into our network easily to cross-sell our properties catering to this niche market.”

The number of business and leisure travellers visiting the Middle East is also increasing, driven by government measures to diversify the region’s oil-based economy, attract foreign investments, develop tourism and infrastructure, and host large-scale international events such as the Dubai World Expo 2020 and FIFA World Cup 2022. This year, Ascott has added five properties with more than 700 apartment units in the Middle East. It opened Citadines Al Salamah Jeddah, the first Citadines-branded property in the region, Somerset Panorama Muscat and will soon open Ascott Rafal Olaya Riyadh. Over the next three years, 11 more Ascott properties will come into operation in Dubai in UAE; Istanbul in Turkey; Al Khobar, Jeddah, Makkah and Riyadh in Saudi Arabia; Muscat and Sohar in Oman.

Mr Tony Soh, Ascott’s Chief Corporate Officer who oversees the company’s business in the Middle East, said: “As the first international branded serviced residence in the holy city of Makkah, Ascott Makkah will set a new benchmark for quality accommodation by marrying the comfort and privacy of an apartment with hotel services in a prime location. We will also offer a new type of serviced residence through Ascott Villas Riyadh, which combines luxuriously furnished villas with Ascott’s award-winning hospitality service, to cater to the growing demand from relocating expatriates, families as well as project groups.”

Affirming its leading position in the region, Ascott was recently named Middle East’s ‘Leading Serviced Apartment Brand’ at the World Travel Awards. The Awards is considered the Oscars of the travel industry and winners are voted by travellers and travel professionals worldwide. Ascott also won in two other categories. Ascott Park Place Dubai was named Dubai’s ‘Leading Serviced Apartments’ while Somerset West Bay Doha was selected as Qatar’s ‘Leading Serviced Apartments’.

Besides Ascott Rafal Olaya Riyadh, Ascott Makkah, Ascott Villas Riyadh and Spectrums Residence, Ascott will open Citadines Culture Village Dubai and Somerset Maslak Istanbul in 2017. Ascott Culture Village Dubai, Ascott Corniche Al Khobar, Citadines Al Ghubrah Muscat, Somerset Corniche Jeddah and Sohar Garden Residences are slated to open in 2018 while Somerset Downtown Al Khobar will be ready in 2019.

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 over 29,000 operating serviced residence units in key cities of the Americas, Asia Pacific, Europe and the Middle East, as well as over 18,000 units which are under development, making a total of more than 48,000 units in over 300 properties. The company operates three award-winning brands – Ascott, Citadines and Somerset. Its portfolio spans more than 100 cities across 27 countries.

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. Today, the company boasts over 30 years of industry track record and award-winning serviced residence brands that enjoy recognition worldwide.

Ascott’s achievements have been recognised internationally. Recent awards include World Travel Awards 2016 for ‘Leading Serviced Apartment Brand’ in Europe and the Middle East; Business Traveller Asia-Pacific Awards 2016 for ‘Best Serviced Residence Brand’; Business Traveller Middle East Awards 2016 for ‘Best Serviced Apartment Company’; Business Traveller UK Awards 2016 for ‘Best Serviced Apartment Company’; TTG China Travel Awards 2016 for ‘Best Serviced Residence Operator in China’; DestinAsian Readers’ Choice Awards 2016 for ‘Best Serviced Residence Brand’; and Business Traveller China Awards 2015 for ‘Best Serviced Residence Brand’ and ‘Best Serviced Residence’. For a full list of awards, please visit http://www.theascottlimited.com/en/aboutus/awards.

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 leverages its significant asset base, design and development capabilities, active capital management strategies, extensive market network and operational capabilities to develop high-quality real estate products and services. Its diversified global real estate portfolio includes integrated developments, shopping malls, serviced residences, offices and homes. Its two core markets are Singapore and China, while Indonesia, Malaysia and Vietnam have been identified as new growth markets. The company also has one of the largest real estate fund management businesses with assets located in Asia.

CapitaLand’s listed real estate investment trusts are CapitaLand Mall Trust, CapitaLand Commercial Trust, Ascott Residence Trust, CapitaLand Retail China Trust and CapitaLand Malaysia Mall Trust.

Visit www.capitaland.com for more information.

The Ascott Limited
168 Robinson Road
#30-01 Capital Tower
Singapore 068912

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