The Ascott Limited Scores Management Contract for Somerset Maslak Istanbul

By Alex Girda, Associate Editor

Istanbul, Turkey–The Ascott Limited is set to expand its operations in Turkey, as the company has recently secured a management contract for the upcoming Somerset Maslak Istanbul. The Singapore-based company is a subsidiary of CapitaLand, one of the largest real estate companies in Asia. With its move to the Turkish real estate market, the company now operates in 90 cities across 25 countries. The Ascott Limited opened up its first luxury branded serviced residence back in 1984, in Singapore.

The Ascott Limited will take charge of Somerset Maslak Istanbul upon the project’s opening, in 2016. Part of the larger Maslak 1453 development project, the serviced residence facility will feature 159 units. The management contract was awarded to Ascott Limited by real estate company Maslak Konaklam, an affiliate of Saudi-based Abduljawad Group of Companies. The company is developing Maslak 1453, a 1,453-metre long (4767 feet) shopping promenade and 24 towers of commercial, residential, dining and recreational facilities. The Turkish economy has been rampant during the past few years, and has become one of the top 20 economies in the world.

According to Lee Chee Koon, the CEO of Ascott, the country’s appeal to foreign investors comes from the great opportunity for growth posed by Turkey. He pointed out that the country “has a strategic location at the crossroads of Europe, Middle East and Asia, a large domestic market and stable policy environment.” Visitor numbers have seen double-digit growth during the past three years, with tourism now bringing a major contribution to the Turkish economy.