RIYADH: Amsa Hospitality Co. expects the occupancy rate at the Amsa Vue project in Riyadh’s Diplomatic Quarter to range between 75 percent and 77 percent during the first year of operation, CEO Muin Serhan told Argaam.
He added that the company’s operating and marketing plan for the project is based on managing the residential compound through annual, semi-annual, and monthly leases.
Serhan noted that this strategy was developed following a careful market study aimed at meeting the needs of different segments of residents and business professionals in the Diplomatic Quarter.
The CEO added that Amsa Hospitality signed a 20-year agreement with the Saudi Real Estate Co. (Al Akaria) to manage and operate Al Reef Residential Compound in the Diplomatic Quarter.
He explained that the revenue from the contract is estimated at about SR1.1 billion for Al Akaria, while the operator's and developer's operational shares range between 1 percent and 3 percent of the project value.
