Ascott, a leading international serviced residence owner-operator, has secured a contract from Turkish real estate company Maslak Konaklam, an affiliate of the Saudi-based Abduljawad Group of Companies, to manage its first serviced residence in the country, Somerset Maslak Istanbul.

Slated to open in 2016, the 159-unit  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-m-long shopping promenade and 24 towers of commercial, residential, dining and recreational facilities.

A wholly-owned serviced residence business unit of Singapore-based CapitaLand, Ascott boasts more than 26,000 operating serviced residence units in key cities of Asia Pacific, Europe and the Gulf region, as well as over 12,000 units which are under development.  

The foray into Turkey will expand the footprint of the world's largest international serviced residence owner-operator to 90 cities across 25 countries, remarked its CEO Lee Chee Koon.

"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," he stated.

Koon pointed out that Turkey had 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," he noted.

On the deal, Koon said Ascott was 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," he stated.

"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," said Koon.

"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," he added.

Ehsan Abduljawad, the 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."

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, noted Abduljawad.

"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," he added.-TradeArabia News Service