Ascott steps up presence in Iskandar Malaysia to manage third property in Nusajaya

SINGAPORE - Mainboard-listed CapitaLand said on Tuesday that its wholly owned serviced residence arm, The Ascott Limited, 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, said Ascott, which was awarded the contract by UMCity Medini Lakeside Development, a wholly owned subsidiary of United Malayan Land (UMLand).

Said Mr Gerald Yong, Ascott's chief investment officer: "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."

He 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."

Ascott said that with the addition of Citadines Medini Nusajaya, Ascott now has nine properties with more than 1,900 apartment units in Malaysia.