The Ascott Ltd, CapitaLand’s wholly-owned serviced residence unit, has signed a contract with Allied Real Estate LLC, an established property company in Oman, to manage a 220-unit serviced residence in Muscat, the capital of Oman.
Called Somerset Panorama Muscat, the serviced residence is expected to open in 2014. It will be part of an integrated development with retail and leisure amenities, as well as a private hospital for women and children.
“Ascott will have first-mover advantage by being the first international serviced residence operator in Oman,” said Lim Ming Yan, Ascott’s Chief Executive Officer.
“Oman has tremendous potential for serviced residences, as it continues to diversify and strengthen its economy. With significant government investment of about US$31 billion in areas such as tourism and infrastructure, Oman’s GDP is expected to grow strongly over the next five years.”
The new serviced residence will be situated in the Al Khuwair commercial district, just five minutes from Muscat’s central business district (CBD).
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