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Ascott signs new property deal in Saudi Arabia

KSA Business

Leading serviced residence owner-operator The Ascott is continuing to grow its presence in Saudi Arabia with plans to open the Ascott Corniche Al Khobar.

At the signing event held in Riyadh, representatives from Ascott and the owner, Riyadh Real Estate Income Company, inked a management contract which puts the project on track for opening in mid-2018.

The 172-unit Ascott Corniche Al Khobar will be located on Prince Turki Street within the Corniche area of Al Khobar, the city’s most sought-after area and home to a wide selection of restaurants, boutiques and shopping malls. King Fahd Road, Al Khobar’s main business district, is just 3 km from the serviced residences, while the Al Khobar-Bahrain Causeway is 10 minutes’ drive away.

When fully operational, Ascott Corniche Al Khobar will comprise a stylish blend of studio, one-, two- and three-bedroom accommodation spread across 13 floors.
Additional facilities will include a restaurant, reception and lobby area, gym, sauna, steam bath, Jacuzzi and covered swimming pool, in addition to a fully-equipped business centre, cigar lounge and ample outdoor car parking.

“We are delighted to sign the contract with Riyadh Real Estate Income Company to develop Ascott Corniche Al Khobar which, upon its opening in 2018, will be the first branded serviced residence in the prime Corniche district,” said Tony Soh, chief operating officer, The Ascott Limited.

“Designed for travellers who are here for work or on holiday, the property will be an ideal option for short-term or long-stay guests who want the flexibility of being able to do business in Al Khobar or explore the city at leisure from the comfort of  a serviced apartment that combines top-notch service with stylish and contemporary design. What’s more, visitors can enjoy a balanced lifestyle thanks to the property’s range of recreational options, whether it is dining in the restaurant or relaxing amidst the health and leisure facilities,” he said.

As one of the main cities in Saudi Arabia’s oil-rich Eastern Province, Al Khobar forms what is known as ‘the Triplet Cities’ along with Dhahran and Dammam, which are approximately 20 km away from one other and together form one of the kingdom’s most significant metropolitan areas.

Saudi Arabia’s Eastern Province is well-connected by road to other parts of the kingdom and neighbouring GCC countries including the nearby causeway linking Saudi Arabia to Bahrain. The location of Ascott Corniche Al Khobar itself will be easily accessible from all parts of Al Khobar city via a well-developed road network. The property will be a short drive from Al Khobar’s upcoming main railway station which, upon completion in 2017, will link the Eastern Province to Riyadh in less than three hours. - TradeArabia News Service

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