Ascott Expands The Citadines Brand Into The Gulf Region

CapitaLand's wholly-owned serviced residence business unit, The Ascott Limited, is introducing the Citadines brand to the Gulf region. Starting in Jeddah, the 166-unit Citadines Tahlia Jeddah and the 136-unit Citadines Al Salamah Jeddah are expected to open within the first quarter of 2014. The management contracts are awarded by the Abdul Samad Al Qurashi Group, one of the leading conglomerates in Saudi Arabia with operations throughout the Gulf region and in Europe.

The addition of the two new serviced residences will increase Ascott's portfolio in the Gulf region to more than 1,500 serviced apartment units across nine properties in Bahrain, Oman, Qatar, Saudi Arabia and the United Arab Emirates.

Mr Lee Chee Koon, Ascott's Chief Executive Officer, said: "By bringing our Citadines brand to the Gulf region, we will grow our network of Citadines to 75 properties across 45 cities globally. Citadines provides independent travellers with the flexibility to choose the services they require to customise their stay experience. The brand is extremely popular in Europe and Asia and many in the Gulf region who travel frequently to Europe are very familiar with Citadines. When our two Citadines properties open in Jeddah next year, expatriates and travellers to the Gulf region will be able to choose from our three award-winning brands of serviced residences."

Mr Sym Lee, Ascott's Head for the Gulf Cooperation Council (GCC), said: "Jeddah provides the best of both worlds – a vibrant destination for business travel and relocation, as well as a dynamic leisure market. With steady economic growth, especially in the construction and trade sectors, the port city of Jeddah is poised to be one of the region's key cities for commerce."

"Jeddah is also a popular destination for domestic and foreign leisure travellers. For the many Muslims pilgrims, Jeddah acts as the gateway city to the two holy cities, Mecca and Medina. Jeddah is also known for its rich culture, historical sites as well as its wide variety of shops and restaurants. We are confident that both Citadines Tahlia Jeddah and Citadines Al Salamah Jeddah will perform well in the market and they will pave the way for more Citadines serviced residences in the region," added Mr Lee.

About Citadines Tahlia Jeddah and Citadines Al Salamah Jeddah

Citadines Tahlia Jeddah is situated in the heart of the city, along the popular Tahlia Street. An ideal location for city living, residents will have easy access to many multinational companies, international boutiques, restaurants and cafés nearby. The property is also next to Le Mall, one of Jeddah's most prominent shopping centres with more than 200 stores. Relocating expatriates will also appreciate the close proximity to Ikea, the famed Swedish furniture and lifestyle store.

Citadines Al Salamah Jeddah is located at the north of Jeddah and is within 15 minutes of the King Abdulaziz International Airport. The serviced residence is close to many dining and shopping options, financial institutions, hospitals and schools such as the International American School of Jeddah. The Iceland theme park and Stationary Fantasies Water Park nearby will also provide great fun for the little ones.

Residents can choose from a range of studio, one- or two-bedroom apartments at Citadines Tahlia Jeddah and either a studio or one-bedroom apartment at Citadines Al Salamah Jeddah. Each apartment is fully-furnished with spacious and contemporary interior, a fully-equipped kitchen, separate living and dining areas, home entertainment system and other modern amenities. Both serviced residences will feature a residents' lounge, café and gymnasium to enable guests to unwind after a long day. Residents can personalise their stay by selecting from a flexible menu of services such as daily or weekly housekeeping, breakfast, laundry and dry cleaning.

Citadines Tahlia Jeddah and Citadines Al Salamah Jeddah follow Ascott's recent announcement of its first premier serviced residence in Saudi Arabia, Ascott Olaya Riyadh, scheduled to open in 2015. In addition to the new properties in Saudi Arabia, Ascott is also slated to open its first properties in Oman, Somerset Panorama Muscat and Sohar Garden Residences, by 2014. In the GCC, Ascott currently manages Ascott Park Place Dubai, Ascott Doha, Somerset West Bay Doha and Somerset Al Fateh Bahrain.

About The Ascott Limited

The Ascott Limited is a Singapore company that has grown to be the world's largest international serviced residence owner-operator. It has more than 22,000 operating serviced residence units in key cities of Asia Pacific, Europe and the Gulf region, as well as over 9,000 units which are under development, making a total of more than 32,000 units in over 200 properties.

The company operates three brands – Ascott, Citadines and Somerset. Its portfolio spans over 70 cities across more than 20 countries, 18 of which are new cities in Ascott's portfolio where its serviced residences are being developed.

Ascott, a wholly-owned subsidiary of CapitaLand Limited, pioneered Asia Pacific's first international-class serviced residence with the opening of The Ascott Singapore in 1984. In 2006, it established the world's first Pan-Asian serviced residence real estate investment trust, Ascott Residence Trust. Today, the company boasts a 29-year industry track record and award-winning serviced residence brands that enjoy recognition worldwide.

Ascott's achievements have been recognised internationally. Recent awards include DestinAsian Readers' Choice Awards 2013 for 'Best Serviced Apartment/Residence Operator', TTG China Travel Awards 2013 for 'Best Serviced Residence Operator in China', TTG Travel Awards 2012 for 'Best Serviced Residence Operator', Business Traveller Asia-Pacific Awards 2012 for 'Best Serviced Residence Brand' and 'Best Serviced Residence in Asia-Pacific', and Business Traveller UK Awards 2012 for 'Best Serviced Apartment Company'.

Visit www.the-ascott.com for more information and connect with us on social media at www.the-ascott.com/connect.

About CapitaLand Limited

CapitaLand is one of Asia's largest real estate companies. Headquartered and listed in Singapore, the company's businesses in real estate and real estate fund management are focused on its core markets of Singapore and China.

The company's diversified real estate portfolio primarily includes homes, offices, shopping malls, serviced residences and mixed developments. The company also has one of the largest real estate fund management businesses with assets located in Asia. CapitaLand leverages its significant asset base, real estate domain knowledge, product design and development capabilities, active capital management strategies and extensive market network to develop real estate products and services in its markets.

The listed entities of the CapitaLand Group include Australand, CapitaMalls Asia, Ascott Residence Trust, CapitaCommercial Trust, CapitaMall Trust, CapitaMalls Malaysia Trust, CapitaRetail China Trust and Quill Capita Trust.