Ascott has secured management contracts for two prime serviced residences in Kazakhstan’s cities of Astana and Aktau, to be named Ascott Astana and Citadines Aktau respectively. The contracts were awarded by Tsesna Corporation, a well-established conglomerate in Kazakhstan. In addition, Ascott has signed a Memorandum of Understanding with Tsesna to establish a framework for a strategic partnership to develop and manage serviced residences in the country.

Kazakhstan, which is the ninth largest country in the world by area, has strong oil and natural resource industries and has been attracting foreign investments and business travellers. The capital city of Astana has been fast developing as an attractive financial and investment hub, while Aktau is a major port and logistics hub in western Kazakhstan.

Ascott Astana will have about 200 units. It will be within World Trade Centre, an integrated development in Astana, which is a 20-minute drive from the airport. Citadines Aktau will have 120 units. Aktau is a city in the oil rich region overlooking the Caspian Sea. Both properties will be built by Tsesna and are targeted to open in the first half of 2009.