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CapitaLand unit expands in the Middle East

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CapitaLand unit expands in the Middle East

's The AscottLtd. inked management contracts for two serviced-residence developments in AlKhobar, a new market for the company in Saudi Arabia.

The Ascottplans to open the 172-unit Ascott Corniche Al Khobar in 2018 and the 133-unitSomerset Downtown Al Khobar in 2019, according to an April 6 news release.

Thenew management contracts will increase Ascott's holdings in the Middle East toover 2,300 apartments in nine cities in Bahrain, Oman, Qatar, Saudi Arabia,Turkey and the United Arab Emirates. The company plans to increase this numberto 5,000 units by 2020.

AscottCEO Lee Chee Koon said in a statement that the company expects to launch sevenproperties in the region over the next three years.