CapitaLand's wholly-owned serviced residence business unit, The Ascott Limited, has expanded into Oman by securing a management contract for a 220-unit serviced residence in Muscat

To be named Somerset Panorama Muscat, the serviced residence is scheduled to open in 2014.

Ascott has signed the management contract with Allied Real Estate, an established Omani real estate company owned by Salim Bin Ali Bin Nasser Al Siyabi, who is a prominent business leader in Oman.

With the addition of Somerset Panorama Muscat, Ascott will have a total of 1,085 apartment units across six serviced residences in the Gulf region.

Lim Ming Yan, Ascott's chief executive officer, said: “Oman has tremendous potential for serviced residences, as it continues to diversify and strengthen its economy. With significant government investment of about $31 billion in areas such as tourism and infrastructure, Oman's GDP is expected to grow strongly over the next five years. Tourism is also forecasted to contribute up to 10 per cent of Oman's GDP by 2020. Hence, we expect to see an influx of corporations, expatriates and tourists into Oman. Ascott will have first-mover advantage by being the first international serviced residence operator in Oman.”

Ronald Tay, Ascott's chief investment officer who oversees the company's business in the Gulf region, said: "Ascott's growth strategy for the Gulf region is to build economies of scale by securing more management contracts. We will continue to expand our presence in Bahrain, Oman, Qatar and UAE, as well as look for opportunities in Kuwait and Saudi Arabia.”

Somerset Panorama Muscat will be part of an integrated development with retail and leisure amenities, as well as a private hospital for women and children. Situated in the bustling Al Khuwair commercial district, the serviced residence is five minutes away from Ruwi, the central business district of Muscat where many global corporations and government ministries are located.

The property is just 15 minutes away from the current Muscat International Airport and will be only 10 minutes from the new international airport, opening in 2014.

Facilities include a gymnasium, residents' lounge, swimming pool, children's pool and playroom. - TradeArabia News Service