Ascott extends footprint in Malaysia
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Ascott has signed a new deal that will boost its presence in Malaysia.
The serviced apartment operator has secured a contract to manage the 214-unit Citadines Medini Nusajaya, which will be located in the Iskandar region of southern Malaysia.
Scheduled to open in 2019, the 30-storey property will form part of UMCity, a mixed-use complex comprising offices and retail outlets. It will offer a range of studios and one- and two-bedroom apartments, plus a swimming pool and gym.
“There is significant potential for serviced residences in Iskandar, which is primed to be a key economic growth region in Malaysia,” said Gerald Yong, Ascott’s chief investment officer.
“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.
Ascott first entered Malaysia in 1999 and now operates six properties in the country. As well as the Citadines Medini Nusajaya, the company plans to open Somerset Medini Nusajaya in 2015 and Somerset Damansara Uptown Petaling Jaya in 2016.
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