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SG Ascott marks entrance into Saudi market

Property Here - Tuesday, May 21, 2013

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By Nikki De Guzman:

CapitaLand’s Ascott has secured its first contract in Saudi Arabia from Rafal Real Estate Development (RAFAL), to manage the 230-unit Ascott Olaya Riyadh (pictured).

Expected to open in 2015, the property will be near the upcoming King Abdullah Financial District. It comprises studio-type and one- and two-bedroom apartments that come with fully-equipped kitchens and separate work and sleep areas. Facilities include meeting rooms and a business centre, gymnasium, steam room and swimming pool. 

This means that Ascott has expanded its Gulf Cooperation Council (GCC) portfolio to almost 1,300 serviced apartment units across seven properties in Bahrain, Oman, Qatar, Saudi Arabia and the United Arab Emirates.

“Ascott has steadily grown from Singapore to over 70 cities worldwide and our entry into Saudi Arabia marks yet another milestone for us. Saudi Arabia offers strong opportunities for serviced residences. It is the biggest economy in the Middle East and its gross domestic product is forecast to grow by about five percent per annum over the next few years. Saudi Arabia has the largest banking sector in the Middle East and is home to the 11th largest stock exchange in the world,” said Chong Kee Hiong, CEO of Ascott.

Responding, Sym Lee, GCC Head at Ascott, noted: “We are excited to be working with RAFAL for our first property in Saudi Arabia. There is a huge demand for quality accommodation in Riyadh but international-standard serviced residences is lacking. Ascott Olaya Riyadh will address the needs of expatriates and travellers for a spacious, secure and comfortable place to call home.

Nikki De Guzman, Junior Reporter at PropertyGuru, wrote this story. To contact her about this or other stories email