The Ascott Group, headquartered in Singapore, has opened its first Middle East property – Somerset Jadaf in Dubai. “The Ascott Group is one of the first international serviced residence companies to operate in the…
The Ascott Group, headquartered in Singapore, has opened its first Middle East property – Somerset Jadaf in Dubai. “The Ascott Group is one of the first international serviced residence companies to operate in the Middle East,” said Lim Chin Beng, The Ascott Group’s Chairman.
“As the world’s largest international serviced residence owner-operator outside the United States with properties in 43 cities in Asia Pacific, Europe and now the Middle East, we will bring premium quality apartments of world class standards to the region.”
Somerset Jadaf, Dubai is owned by Wafi Group, a multi-industry conglomerate with businesses including property asset management, hospitality and lifestyle services, manufacturing and transportation.
“Wafi Group has a reputation for innovation and quality in Dubai, and our relationship with The Ascott Group has created another “first”, as we introduce the award winning Somerset brand to the Middle East,” said Ian Wiedersheim, Managing Director of Wafi Group.
The Ascott Group also plans more properties in key regional markets as part of its Middle East foray.
“The Ascott Group will increase its presence in the Middle East given the tremendous business opportunities, strong government support, increasing foreign investments and growing expatriate community,” said Liew Mun Leong, The Ascott Group’s Deputy Chairman, and President and CEO of its parent company CapitaLand Group.
“The opening of Somerset Jadaf, Dubai is part of the company’s expansion plans to have about 15 properties by 2010, in the UAE, Bahrain, Qatar, Kuwait and Saudi Arabia.”
Explaining the decision to launch from Dubai, Cameron Ong, The Ascott Group’s Managing Director and CEO added: “We’ve chosen Dubai as the entry point to launch the first property in the Middle East because of the emirate’s strong economic growth, the concentration of key businesses and a relatively limited supply of serviced residences.”
“Statistics from Dubai’s Department of Tourism and Commerce Marketing show that there are about 20 deluxe hotel apartments in the emirate and the occupancy level is about 80 per cent. This is a clear indication of growth potential for premium quality accommodation and we believe that there will be plenty of opportunities for expansion.”
