CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has secured a contract to manage its first serviced residence in Turkey. Ascott’s entry into Turkey will expand the footprint of the world’s largest international serviced residence owner-operator to 90 cities across 25 countries.
Ascott’s first serviced residence in Turkey, Somerset Maslak Istanbul is slated to open in 2016. It has a prime location in one of Istanbul’s main business and leisure districts. It will be part of an integrated development, Maslak 1453, which comprises a 1,453-metre long shopping promenade and 24 towers of commercial, residential, dining and recreational facilities. Ascott, which pioneered luxury branded serviced residence with the opening of its first property in Singapore in 1984, has been awarded the management contract for Somerset Maslak Istanbul by real estate company Maslak Konaklama, an affiliate of the Saudi-based Abduljawad Group of Companies.
Maslak is one of Istanbul’s main business and leisure districts comprising major banking and financial institutions, as well as key educational institutions such as Istanbul Technical University. Istanbul’s most prestigious mall, Istinye Park, is a 15-minute walk from the serviced residence. Somerset Maslak Istanbul will have excellent connectivity with close proximity to Buyukdere Street, the Trans-European Motorway connection and the Istanbul Technical University metro station. Guests will be spoilt for choice with the variety of restaurants and retail outlets in Maslak 1453.
The serviced residence will offer guests and their families an ideal home away from home. Its range of warm and stylish studios to four-bedroom apartments each comes with a fully-equipped kitchen, wireless internet connection and separate workspace and living area. For the perfect balance between work and play, guests can enjoy an array of amenities such as a swimming pool, fitness gymnasium, restaurant, residents’ lounge and children’s playroom designed to cater to their individual lifestyles.
Mr Lee Chee Koon, Ascott’s Chief Executive Officer, said: “Turkey is an attractive market for foreign investors and we see significant growth opportunities for international branded serviced residences. The country is amongst the world’s top 20 largest economies. It has a strategic location at the crossroads of Europe, Middle East and Asia, a large domestic market and stable policy environment. As the financial hub of the country, Istanbul is a natural choice for multinational corporations setting up headquarters in Turkey. Tourism is also a significant contributor to the country’s GDP. Visitor numbers have been seeing double-digit growth in the past three years and tourism revenue has been increasing steadily.”
Mr Lee added: “Ascott is delighted to partner with Abduljawad Group, one of the largest conglomerates in Turkey with an extensive portfolio of properties in various parts of the world. Through this partnership, we will bring our award-winning Somerset brand of serviced residences to Turkey. In 2014, Ascott added eight new cities to our global portfolio. We entered Greater Sydney in Australia; Taiyuan, Yinchuan and Changsha in China; Bali in Indonesia; Vientiane in Laos; Yangon in Myanmar and Busan in South Korea. We expect strong demand from expatriates and business travellers for our first serviced residence in Turkey and will continue to bring Ascott’s signature hospitality to more places around the world.”
Mr Ehsan Abduljawad, Chairman of Abduljawad Group, said, “We are extremely pleased to enter into this management agreement with Ascott, which is internationally renowned for its brands, management and service excellence. We are confident that Somerset Maslak Istanbul’s balanced living concept, with its spacious, expertly furnished apartments and personalised services will meet the demand for high quality serviced apartments in Istanbul.”