Serviced residence operator, Ascott has won a contract to manage its first serviced residence in Iskandar, the southern gateway of Malaysia. The new 204-unit Somerset Puteri Harbour Iskandar is scheduled to open in the Nusajaya economic zone in 2013. The contract was awarded by Nusajaya Consolidated Sdn Bhd, a joint venture between established Malaysian developers United Malayan Land Bhd and UEM Land Berhad.
Lim Ming Yan, Ascott’s Chief Executive Officer, said; “Malaysia has strong growth potential for Ascott due to its resilient economy and attractiveness as a destination for foreign direct investments. The government has invested significant resources to develop the Iskandar region to spur the growth of Malaysia’s economy.
Besides attracting investments of over MYR70 billion (US$22 billion) from foreign and domestic companies, the large-scale tourism projects in Iskandar also bring tremendous opportunities for serviced residences. As the first international serviced residence provider in Nusajaya, Ascott is well positioned to tap on the burgeoning demand for quality accommodation from expatriates and travellers.”
Alfred Ong, Ascott’s Managing Director for Southeast Asia and Australia, added; “Ascott expanded into Cyberjaya and Petaling Jaya earlier this year and we are pleased to add another city to our Malaysian network. Our entry into Iskandar further strengthens Ascott’s leadership position as the largest international serviced residence owner and operator in Malaysia. We currently operate five properties with close to 700 apartment units. With this new property in Iskandar, we now have a strong growth pipeline of more than 900 units which are scheduled to open in Malaysia over the next five years. In total, this brings our Malaysian portfolio to over 1,600 units. We will continue to look for opportunities to expand our footprint in Malaysia.”
Somerset Puteri Harbour Iskandar will form part of the new high-end Puteri Harbour development, which includes restaurants, cafes and an indoor theme park. It is also located close to the EduCity university area, Medini business and leisure district, Afiat Healthpark and several other business centres, while Kota Iskandar, Johor’s new administrative centre, is within walking distance. The new Legoland theme park, opening in 2012, is a 10-minute drive away, while Johor’s Senai International Airport and the Malaysia-Singapore Second Link are also easily accessible.
The property will feature a range of apartments ranging from studios to three-bedroom units, all of which come fully furnished. Other facilities include a gymnasium, swimming pool, restaurant and residents’ lounge.
Besides Somerset Puteri Harbour Iskandar, Ascott plans to open Citadines Uplands Kuching in 2012, Ascott Sentral Kuala Lumpur in 2013, Citadines D’Pulze Cyberjaya in 2014 and Somerset Damansara Uptown Petaling Jaya in 2016.
Ascott currently operates Ascott Kuala Lumpur, Somerset Ampang Kuala Lumpur, Somerset Seri Bukit Ceylon Kuala Lumpur and two properties for corporate lease in Malaysia.