Ascott Enhances Presence in GCC Countries with First Ascott-Branded Property in Doha

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CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has secured a contract to manage a 229-unit premier serviced residence in Doha, its second property in the capital city of Qatar.

Qatar offers tremendous potential for Ascott as it is one of the fastest growing countries in the world

CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has secured a contract to manage a 229-unit premier serviced residence in Doha, its second property in the capital city of Qatar. The new serviced residence – Ascott Doha – is scheduled to open in the second half of 2011. This follows Ascott’s recent addition of the 118-unit Ascott Park Place Dubai in the United Arab Emirates. With Ascott Doha, Ascott will operate a total of 865 apartment units in five serviced residences across three cities in the Gulf region.

Comprising 24 floors of unparalleled luxury, Ascott Doha is located at the north end of Corniche Bay, offering stunning views of the Arabian Gulf. The serviced residence is in the heart of Doha’s diplomatic district, nestled among key ministry headquarters, embassies and consulates. It is within walking distance to the City Centre Mall, one of Qatar’s best known retail and entertainment destinations. Business travelers staying at Ascott Doha will also enjoy easy access to the city’s top MICE venues with the Doha Exhibition Centre just a five-minute drive away and the upcoming Doha International Conference and Exhibition Centre within walking distance.

Mr Ronald Tay, Chief Investment Officer of The Ascott Limited, who oversees Ascott’s business in the Gulf region, said: “Qatar offers tremendous potential for Ascott as it is one of the fastest growing countries in the world due to its huge oil and gas reserves. Its economy is set for double-digit growth this year with further expansion expected over the coming years. Moreover, Qatar has been aggressively promoting tourism and will be hosting large-scale international events such as the 2022 FIFA World Cup. Having a second serviced residence (first one being the Somerset West Bay) in Doha will allow us to cater to the strong demand for quality accommodation from the influx of business and leisure travelers. Besides strengthening our presence in Qatar, Bahrain and the United Arab Emirates, we continue to actively look for opportunities in Kuwait, Oman and Saudi Arabia.”

Ascott Doha will offer one-, two- and three-bedroom apartments to cater to both short- and long-stay travelers’ different lifestyle needs. Each apartment will come with a fully-equipped kitchen, en-suite bathrooms, separate work and living areas as well as modern amenities. Residents can also unwind and enjoy facilities such as two swimming pools, a Jacuzzi, a sauna and steam room, a gymnasium, a salon and a café.

Besides Ascott Doha and Ascott Park Place Dubai, the company manages the 200-unit Somerset West Bay in Doha and the 118-unit Somerset Al Fateh in Manama, Bahrain.

About The Ascott Limited

The Ascott Limited is the world’s largest international serviced residence owner-operator with over 22,000 operating serviced residence units in key cities of Asia Pacific, Europe and the Gulf region, as well as over 5,000 units which are under development, making a total of more than 27,000 units.

The company operates three brands – Ascott, Citadines and Somerset. Its portfolio spans over 70 cities across 20 countries, 13 of which are new cities in Ascott’s portfolio where its serviced residences are being developed. Ascott, a wholly-owned subsidiary of CapitaLand Limited, is headquartered in Singapore. It pioneered Asia Pacific’s first international-class serviced residence in 1984. It also established the world’s first Pan-Asian serviced residence real estate investment trust, Ascott Residence Trust, in 2006. Today, the company boasts a 27-year industry track record and serviced residence brands that enjoy recognition worldwide.

Recent awards include DestinAsian Readers’ Choice Awards 2011 ‘Best Serviced Residence in Asia Pacific’, Business Traveller UK Awards 2010 ‘Best Serviced Apartment Company’, Business Traveller Asia-Pacific Awards 2010 ‘Best Serviced Residence Brand’ and ‘Best Serviced Residence in Asia-Pacific’, TTG Travel Awards 2010 ‘Best Serviced Residence Operator’ and TTG China Travel Awards 2010 ‘Best Serviced Residence Operator in China’.

About CapitaLand Group

CapitaLand is one of Asia’s largest real estate companies. Headquartered and listed in Singapore, the multi-local company’s core businesses in real estate, hospitality and real estate financial services are focused in growth cities in Asia Pacific and Europe.

The company’s real estate and hospitality portfolio, which includes homes, offices, shopping malls, serviced residences and mixed developments, spans more than 110 cities in over 20 countries. CapitaLand also leverages on its significant asset base, real estate domain knowledge, financial skills and extensive market network to develop real estate financial products and services in Singapore and the region.

The listed entities of the CapitaLand Group include Australand, CapitaMalls Asia, CapitaMall Trust, CapitaCommercial Trust, Ascott Residence Trust, CapitaRetail China Trust, CapitaMalls Malaysia Trust and Quill Capita Trust.

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