The Ascott Limited (Ascott), a CapitaLand wholly-owned service residence business unit, will manage two more service residences in Jeddah, Saudi Arabia from 2015 onwards. The management agreements are awarded by United Spectrums Holding, a subsidiary of Abdul Samad Al Qurashi Group conglomerate.
The 51-unit Citadines Sari Jeddah is scheduled to open in 2015 and the 135-unit Somerset Corniche Jeddah will open in 2016. The addition of these two new properties will contribute to the 700 apartment units across five serviced residences in Saudi Arabia. In the Gulf Coorpeeration Council, Ascott’s portfolio increases to more than 1,700 apartment units across 11 properties in Bahrain, Qatar, Oman, Saudi Arabia and the United Arab Emirates.
Citadines Sari Jeddah is located on Sari Road near the junction of King Abdulaziz Road which is close to the offices of Unilever and Saudi Hallandi Bank. It is also near international boutiques, restaurants and cafés at the Stars Avenue Mall next door. This property will offer studios, one- and two-bedroom apartments fully equipped with a kitchen, separate work and living areas and modern amenities. There is a residents’ lounge, restaurant and swimming pool.
The Somerset Corniche Jeddah is a street away from the Red Sea and a 20 minute drive from the King Abdulaziz International Airport. It is also close to Jeddah’s main business districts in Tahlia and Al Khalidia, international schools including the American International School and British International School and the King Fahad Hospital. There are parks, restaurants and retail outlets near by. It offers a mix of studios, one- and two-bedroom apartments with facilities such as a swimming pool, fully-equipped gymnasium, residents’ lounge, childrens’ playroom and restaurant.
Ascott will also manage the 125-unit Ascott Tahlia Jeddah and 122-unit Citadines Al Salamah Jeddah for the group when the properties open in 2015. In 2015, Ascott will also ope the Ascott Olaya Riyadh as well as its first properties in Oman, Somerset Panorama Muscat and Sohar Garden Residences.
