SINGAPORE - Serviced residence operator The Ascott has signed agreements to manage two additional serviced residences in the port city of Jeddah, Saudi Arabia, it said on Tuesday.
One is the 51-unit Citadines Sari Jeddah, which is slated to open next year.
The other is the 135-unit Somerset Corniche Jeddah, the first Somerset-branded serviced residence in Saudi Arabia, which will open in 2016.
The Ascott, which is wholly owned by Singapore property developer CapitaLand, said the new deals would bring the number of properties it manages in Saudi Arabia to five, with nearly 700 apartment units in all.
Across the Gulf Cooperation Council (GCC), Ascott's portfolio will increase to more than 1,700 apartment units across 11 properties in Bahrain, Qatar, Oman, Saudi Arabia and the United Arab Emirates.