CapitaLand’s serviced residence subsidiary, The Ascott Limited, has secured a contract to manage a 229-unit property in Doha, its second property in the capital city of Qatar. The new Ascott Doha is scheduled to open in the second half of 2011, and follows the recent addition of the 118-unit Ascott Park Place Dubai. With Ascott Doha, Ascott will operate a total of 865 apartment units in five serviced residences across three cities in the Gulf region.
The 24-storey Ascott Doha is located at the north end of Corniche Bay, offering views of the Arabian Gulf. It is in the centre of Doha’s diplomatic district, among key ministry headquarters, embassies and consulates, and within walking distance of the City Centre Mall, one of Qatar’s main retail and entertainment venues. The Doha Exhibition Centre is a five-minute drive away, while the upcoming Doha International Conference & Exhibition Centre is within walking distance.
Ronald Tay, Chief Investment Officer of The Ascott Limited, who oversees Ascott’s operations in the Gulf, 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 travellers. Each apartment will come with a fully-equipped kitchen, en-suite bathrooms, separate work and living areas. Leisure facilities include two swimming pools, a jacuzzi, sauna, steam room, gymnasium, salon and caf