Somerset Medini Iskandar will be Ascott’s 10th and largest property in Malaysia.
SINGAPORE – CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has been awarded a contract to manage its second serviced residence in Iskandar Malaysia. The 310-unit Somerset Medini Iskandar will be Singapore-based Ascott’s largest property in Malaysia when it opens in end 2015.
Somerset Medini Iskandar is part of the ‘Urban Wellness’ integrated development by Pulau Indah Ventures Sdn Bhd, a joint venture between Khazanah Nasional Berhad and Temasek Holdings (Private) Limited. Malaysia’s Prime Minister Najib Razak and Singapore’s Prime Minister Lee Hsien Loong officiated at today’s groundbreaking ceremony for this integrated development.
Mr Chong Kee Hiong, Ascott’s Chief Executive Officer, said: “We see immense potential for serviced residences in Iskandar. The economic corridor has attracted investments of over RM106 billion. Ascott will gain significant advantage by having a serviced residence in Medini, one of the fastest-growing areas within Iskandar. It is surrounded by exciting developments that will spur the growth of the Malaysian economy. This will bring a strong influx of expatriates as well as foreign and domestic travellers, creating demand for our serviced residence.”
Mr Chong added: “Ascott will be the first international serviced residence operator in Iskandar when we open Somerset Puteri Harbour next year. The addition of Somerset Medini Iskandar strengthens our presence in this burgeoning region. Somerset Medini Iskandar further enhances Ascott’s position as the largest international owner and operator of serviced residences in Malaysia. We now have 10 properties with more than 1,800 apartment units in the country. This expansion will allow greater synergy and economies of scale in our operations.”
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