Ascott Signs Three Serviced Residences in Saudi Arabia

Ascott has signed 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. Ascott will also open the Ascott Rafal Olaya Riyadh in November 2016.

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 20251. 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.”

Ascott Rafal Olaya Riyadh (Opening November 2016)

Ascott Rafal Olaya Riyadh is located close to the upcoming King Abdullah Financial District, the prime financial centre of Saudi Arabia’s capital. It is a 20-minute drive from the Riyadh King Khalid International Airport.

Ascott Rafal Olaya Riyadh will offer 234 studio, one and two-bedroom apartments, catering to both short, medium and long-stay guests.

Each apartment has contemporary furnishings, fully-equipped kitchen, dining, lounge and bedroom areas.

Business facilities comprise meeting rooms and a business centre, while recreational facilities include a children’s playroom, gymnasium, steam and sauna room, swimming pool and residents’ lounge.

A selection of restaurants, café and boutiques are also available for residents’ convenience within the property. 

Ascott Makkah (Opening 2017)

Ascott Makkah is located on Masjid Al Haram Street in the Al Aziziyah District, within walking distance to the Grand Mosque and Mina in Makkah – two main sites visited by pilgrims to perform the rituals of Hajj and Umrah.

The serviced residence will have 280 rooms, studios, one and two-bedroom apartments as well as facilities such as a fully-equipped gymnasium, conference rooms, business centre, restaurant, residents’ lounge and playroom for children.

The surrounding area has shops, supermarkets and the Umm Al-Qura University.

Ascott Makkah is in close proximity to the Mina train station. Upon the completion of the Haramain High-Speed Rail connecting the cities of Makkah, Madinah and Jeddah in 2018, the property can be reached in 30 minutes from Jeddah and King Abdul Aziz International Airport and 90 minutes from Madinah.

Ascott Villas Riyadh (Opening 2017)

Situated in the prestigious Hittin District, north of Riyadh, Ascott Villas Riyadh is a five-minute drive to the King Abdullah Financial District, which has been billed as Riyadh’s new central business district and is the future home of the Saudi Stock Exchange, Capital Markets Authority and a host of other financial and professional services firms.

Ascott Villas Riyadh is well connected to all parts of Riyadh, with easy access via King Fahd Road and Northern Ring Road as well as the upcoming metro station.

Ascott Villas Riyadh will feature 92 serviced villas with two or three bedrooms, dedicated business and leisure facilities including a business centre, fully-equipped gymnasium, swimming pool, squash and tennis courts, restaurant, residents’ lounge and children’s playground. 

Spectrums Residence (Opening 2017)

Spectrums Residence will offer 69 large two-bedroom apartments and facilities such as a kids’ playroom, breakfast area and residents’ lounge.

It is located in Al Salamah District on Prince Sultan Road, right opposite the Centerpoint shopping centre in the north of Jeddah.

“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,” said Mr Lee.

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).

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