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Singapore’s Ascott is expanding its footprint in Saudi Arabia and will manage a five-star villa residence in the capital Riyadh that will open next year.
Currently under refurbishment, The Ascott Villas, Riyadh is located the city’s central business district and will open in November 2017.
The world’s largest service residence owner-operator, The Ascott Limited (Ascott) signed a management contract for the project with Bathel Alkhair Establishment for Trading and Real Estate last month.
Vincent Miccolis, Ascott’s Country General Manager for the GCC, said the 92 five-star serviced villas would be the Ascott’s “landmark and exclusive offering in the Saudi Arabian capital”.
It will also strength Ascott’s position as the leading serviced residence operator in Saudi Arabia, with 980 units in seven properties across three cities.
Located in the prestigious Hittin district, north of Riyadh, with easy access to the city’s key business and leisure landmarks, the property will boast a new type of serviced residence experience, combining luxuriously furnished villas with Ascott’s award-winning hospitality service.
The Ascott Villas is located close to the upcoming King Abdullah Financial District (KAFD), 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.
The property is well-connected to all parts of Riyadh, with easy access via King Fahd Road and the Northern Ring Road. It is also less than a 5-minute-drive from the upcoming metro station at KAFD.
“Once the refurbishment and conversion of property is completed, The Ascott Villas, Riyadh will feature fully equipped serviced luxury villas and dedicated business and leisure facilities, including a business centre, fully equipped gym, swimming pool, squash and tennis courts, restaurant, residents’ lounge, and children’s playground. Located in one of Riyadh’s most sought-after areas, near luxury residences and palaces of some of Riyadh’s most prominent business and government personalities, the property will offer an unrivalled lifestyle, amidst a variety of fashionable shopping centres, premium branded restaurants, and trendy cafes,” said Miccolis.
Ascott has another property in Riyadh, the 234-units Ascott Rafal Olaya Riyadh, which is due to open later this year.
Bathel Alkhair Establishment for Trading and Real Estate, is a Saudi based establishment with the main activities in real estate and financial investments, including the development of residential and hospitality projects, and investment in capital and private equity markets. Currently, the group owns several residential properties and hotels in various cities in Saudi Arabia.
The Ascott Limited is a Singapore company that has grown to be the world's largest international serviced residence owner-operator. It has over 28,000 operating serviced residence units in key cities of the Americas, Asia Pacific, Europe and the Middle East, as well as over 18,000 units which are under development, making a total of more than 46,000 units in over 290 properties.
The company operates three award-winning brands – Ascott, Citadines and Somerset. Its portfolio spans more than 100 cities across 27 countries.
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