Ascott has signed a contract to manage a new serviced residence in Iskandar Malaysia – the development zone in the southern state of Johor, near Singapore.
The 310-unit Somerset Medini Iskandar will be Singapore-based Ascott’s largest property in Malaysia when it opens in 2015. The 33-storey property will form part of a new integrated developed called Urban Wellness, which is currently being under construction. It will be connected to a four-storey wellness centre, a five-storey corporate training centre with MICE facilities, as well as retail outlets. The property will also be situated next to the Gleneagles Medini Hospital – a new private healthcare complex – and close to the new Legoland Malaysia.
“We see immense potential for serviced residences in Iskandar. The economic corridor has attracted investments of over MYR106 billion (US$34bn). 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,” said Chong Kee Hiong, Ascott’s Chief Executive Officer.
Somerset Medini Iskandar will offer a range of studios, one-, two- and three-bedroom apartments, plus facilities including a gymnasium, swimming pool, restaurant and children’s playroom.
Ascott now operates four properties in Malaysia, but will open the Ascott Sentral Kuala Lumpur this year, the Citadines D’Pulze Cyberjaya in 2014 and the Somerset Damansara Uptown Petaling Jaya in 2016.