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The Ascott Limited, CapitaLand’s wholly-owned serviced residence business unit, on Friday announced its entry into Turkey’s property industry after securing a contract to manage its first serviced residence in the country, Somerset Maslak Istanbul (pictured).
Set located in one of Istanbul’s main business and leisure district, the 159-unit Somerset Maslak Istanbul will be part of integrated development, Maslak 1453, which comprises a 1,453-metre long shopping promenade and 24 towers of commercial, residential, dining and recreational facilities. The residence is scheduled to open in 2016.
Ascott’s Chief Executive Officer, Lee Chee Koon, 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.”
In a press statement, Ascott also revealed that it is working with Turkey’s Abduljawad Group, one of the country’s largest property conglomerates for the serviced residence.
In 2014, Ascott added eight new cities to our global portfolio with their properties in Greater Sydney in Australia, Taiyuan, Yinchuan and Changsha in China, Bali in Indonesia, Vientiane in Laos, Yangon in Myanmar and Busan in South Korea. It has 26,000 operating serviced residence units globally, and another 12,000 units underway, making a total of 38,000 units in over 200 properties.
Image source: Ascott
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg.
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