CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has stepped up its presence in Iskandar Malaysia by securing a contract to manage its third property in Nusajaya. Slated to open in early 2019, the 214-unit Citadines Medini Nusajaya has a prime location in Nusajaya’s main business and leisure district. Ascott, the world’s largest international serviced residence owner-operator, has been awarded the contract by UMCity Medini Lakeside Development Sdn Bhd, a wholly-owned subsidiary of United Malayan Land Bhd (UMLand).
Mr Gerald Yong, Chief Investment Officer for The Ascott Limited, said: “There is significant potential for serviced residences in Iskandar, which is primed to be a key economic growth region in Malaysia as more multinational companies set up base in the area. Ascott was the first international serviced residence owner and operator in Nusajaya, a major new growth centre of Iskandar, where we recently opened Somerset Puteri Harbour Nusajaya and will be opening Somerset Medini Nusajaya later this year. Somerset Puteri Harbour Nusajaya is our first collaboration with UMLand in Nusajaya and it has been performing well since it opened last month.”
Mr Yong said: “Since Ascott entered Malaysia in 1999, we have grown to be the largest international owner and operator of serviced residences in the country. We are delighted to partner with UMLand, one of the largest developers in Malaysia with an extensive portfolio of properties in various parts of Malaysia. Through this partnership, we will bring our award-winning Citadines brand of serviced residences to Nusajaya. Citadines Apart’hotel provides independent travellers with flexible services to customise their stay experience according to their lifestyles.”
Mr Yong added: “Our first Citadines Apart’hotel in Malaysia, Citadines Uplands Kuching, has been enjoying very healthy occupancy since it opened in 2012. We see great potential in expanding our Citadines brand in Malaysia and in January 2015 we opened another Citadines Apart’hotel in Cyberjaya. With the addition of Citadines Medini Nusajaya, Ascott now has nine properties with more than 1,900 apartment units in Malaysia. This expansion will allow greater synergy and economies of scale in our operations.”