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Sat 15 Oct 2016 10:42 AM

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Singapore's Ascott unveils plans for new Saudi properties

World’s largest serviced residence owner-operator to open projects in Makkah and Jeddah next year

Singapore's Ascott unveils plans for new Saudi properties

The Ascott Limited (Ascott), the world’s largest serviced residence owner-operator, is strengthening its presence in Saudi Arabia by unveiling plans for two new properties in the kingdom.

Both projects in Makkah and Jeddah are on track to open next year, the Singapore-based company said in a statement.

The 280-unit Ascott Makkah is located less than 2km from the Grand Mosque and Mina, the two main sites visited during the annual Hajj and Umrah pilgrimages.

The low-rise Spectrum Serviced Residences in Jeddah will comprise 69 two-bedroom apartment units and will be managed and operated by Ascott. Facilities will include a breakfast area, residents’ lounge and children’s playroom. 

“We are delighted to have signed the agreements to manage the Ascott Makkah and Spectrum Serviced Residences,” said Vincent Miccolis, Ascott’s area general manager in the GCC. “Saudi Arabia remains a highly significant growth market and these latest signings not only strengthen Ascott’s leadership position in the kingdom, but also reinforce our presence in the wider Middle East.”

The addition of Spectrum Serviced Residences in Jeddah takes Ascott’s tally of properties in the bustling Red Sea port city to five.

“The future for Jeddah continues to look bright, with Abdul Aziz International Airport undergoing a multi-billion dollar expansion to increase its capacity to 30 million passengers by the year 2018, and to 80 million passengers by 2030,” added Miccolis. “Jeddah also has the highest expatriate ratio anywhere within the kingdom and its cosmopolitan nature enhances the city’s appeal amongst regional and overseas visitors.”

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