Malaysia: The Ascott Limited has stepped up its presence in Iskandar Malaysia by securing a contract to manage its third property in Nusajaya.
Scheduled to open in early 2019, the 214-unit Citadines Medini
Nusajaya is set in Nusajaya's main business and leisure district.
Ascott has been awarded the contract by UMCity
Medini Lakeside Development Sdn Bhd, a wholly-owned subsidiary of
United Malayan Land Bhd (UMLand).
The 30-storey building is part of UMCity, a mixed-use development comprising offices and retail. It is close to the Johor State's new administrative centre, Kota Iskandar, and EduCity - a regional education hub housing over 10 established educational institutions. The serviced residence is also near LEGOLAND theme park and Medini Lifestyle Mall, the largest retail centre in South Malaysia.
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."
"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," he added.