Ascott expands global network with its first foray into Istanbul

SINGAPORE - Maonboard-listed CapitaLand announced on Friday (Jan 30) that its wholly-owned serviced residence business unit, The Ascott Ltd, has secured a contract to manage its first serviced residence in Turkey.

Ascott's entry into Turkey will expand the footprint of the world's largest international serviced residence owner-operator to 90 cities across 25 countries.

Slated to open in 2016, the 159-unit Somerset Maslak Istanbul has a prime location in one of Istanbul's main business and leisure districts. It will be part of an integrated development, Maslak 1453, which comprises a 1,453-metre long shopping promenade and 24 towers of commercial, residential, dining and recreational facilities.

Ascott has been awarded the management contract for Somerset Maslak Istanbul by real estate company Maslak Konaklama, an affiliate of the Saudi-based Abduljawad Group of Companies.

Said Mr Lee Chee Koon, Ascott's chief executive officer: "In 2014, Ascott added eight new cities to our global portfolio. We entered Greater Sydney in Australia; Taiyuan, Yinchuan and Changsha in China; Bali in Indonesia; Vientiane in Laos; Yangon in Myanmar and Busan in South Korea."

"We expect strong demand from expatriates and business travellers for our first serviced residence in Turkey and will continue to bring Ascott's signature hospitality to more places around the world."