Singapore -- (SBWire) -- 10/30/2011 --CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (http://www.the-ascott.com/) (Ascott), has expanded into a new country, Oman, by securing a management contract for a 220-unit serviced residence in Muscat, Oman’s capital. To be named Somerset Panorama Muscat (http://www.somerset.com/ko/oman/musca/somerset_panorama_muscat.html), the serviced residence is scheduled to open in 2014.

Ascott has signed the management contract with Allied Real Estate LLC, 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.

Mr 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 US$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% 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.”

Mr 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. In addition, the serviced residence is close to the city’s key landmark, the Sultan Qaboos Grand Mosque.

Ideal for travellers who are on business or holiday with their families, Somerset Panorama Muscat will offer a range of stylish one-, two- and three-bedroom apartments. Guests will be able to experience the warmth of home and a balanced lifestyle through a comprehensive range of recreational facilities and residents’ activities. Facilities include a gymnasium, residents’ lounge, swimming pool, children’s pool and playroom.

About The Ascott Limited
The Ascott Limited (http://www.the-ascott.com/) is the world’s largest international serviced residence owner-operator with over 22,000 operating serviced residence units in key cities of Asia Pacific, Europe and the Gulf region, as well as over 6,000 units which are under development, making a total of more than 28,000 units.

The company operates three brands – Ascott (http://www.the-ascott.com/index.html), Citadines (http://www.citadines.com/) and Somerset (http://www.somerset.com/). Its portfolio spans over 70 cities across more than 20 countries, 13 of which are new cities in Ascott’s portfolio where its serviced residences are being developed.

Ascott, a wholly-owned subsidiary of CapitaLand Limited, is headquartered in Singapore. It pioneered Asia Pacific’s first international-class serviced residence in 1984. In 2006, it established the world’s first Pan-Asian serviced residence real estate investment trust, Ascott Residence Trust. Today, the company boasts a 27-year industry track record and award-winning serviced residence brands that enjoy recognition worldwide.

Recent awards include DestinAsian Readers’ Choice Awards 2011 ‘Best Serviced Residence in Asia Pacific’, Business Traveller Asia-Pacific Awards 2011 ‘Best Serviced Residence Brand’ and ‘Best Serviced Residence in Asia-Pacific’, Business Traveller UK Awards 2011 ‘Best Serviced Apartment Company’, TTG China Travel Awards 2011 ‘Best Serviced Residence Operator in China’ and TTG Travel Awards 2011 ‘Best Serviced Residence Operator’.

About CapitaLand Group
CapitaLand is one of Asia’s largest real estate companies. Headquartered and listed in Singapore, the multi-local company’s core businesses in real estate, hospitality and real estate financial services are focused in growth cities in Asia Pacific and Europe.

The company’s real estate and hospitality portfolio, which includes homes, offices, shopping malls, serviced residences and mixed developments, spans more than 110 cities in over 20 countries. CapitaLand also leverages on its significant asset base, real estate domain knowledge, financial skills and extensive market network to develop real estate financial products and services in Singapore and the region.

The listed entities of the CapitaLand Group include Australand, CapitaMalls Asia, CapitaMall Trust, CapitaCommercial Trust, Ascott Residence Trust, CapitaRetail China Trust, CapitaMalls Malaysia Trust and Quill Capita Trust.