Ascott Strengthens Presence In Iskandar Malaysia With Another Management Contract — Photo by The Ascott Limited

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."

About Somerset Medini Iskandar

Somerset Medini Iskandar is strategically located in Medini, the central business district of the Nusajaya flagship economic zone in Iskandar. Nearby Medini are developments such as Kota Iskandar – the Johor State's new administrative centre, EduCity – a regional education hub housing over 10 established educational institutions, and Puteri Harbour – an integrated waterfront and marina development. Pinewood Iskandar Malaysia Studios, the largest independent integrated studio facility in Southeast Asia, is also in the serviced residence's vicinity.

Somerset Medini Iskandar is a convenient 15-minute drive from the Malaysia-Singapore Second Link and 25 minutes away from Johor's Senai International Airport. It is easily accessible via the coastal highway that links Nusajaya to Johor's city centre.

As part of the 'Urban Wellness' development, the 33-storey Somerset Medini Iskandar will be connected to a four-storey wellness centre, a five-storey corporate training centre with meetings and conventions facilities, as well as retail outlets. The serviced residence is situated next to the Gleneagles Medini Hospital that will have a 300-bed private healthcare complex and a 150-suite medical office block. It is also close to Asia's first LEGOLAND theme park and Medini Lifestyle Mall, the largest retail centre in South Malaysia.

Somerset Medini Iskandar will offer expatriates and travellers a choice of studios, one-, two- and three-bedroom apartments that come fully furnished with modern amenities. Residents can experience the warmth of home and a balanced lifestyle through a variety of facilities such as a gymnasium, swimming pool, restaurant and children's playroom.

Besides Somerset Medini and Somerset Puteri Harbour in Iskandar, Ascott will open Ascott Sentral Kuala Lumpur this year, Citadines D'Pulze Cyberjaya in 2014 and Somerset Damansara Uptown Petaling Jaya in 2016. Ascott currently operates Ascott Kuala Lumpur, Citadines Uplands Kuching, Somerset Ampang Kuala Lumpur, Seri Bukit Ceylon Residences and Marc Service Suites in Kuala Lumpur.

About The Ascott Limited

Since pioneering Asia Pacific's first international-class serviced residence with the opening of The Ascott Singapore in 1984, Ascott has grown to be a trusted hospitality company with more than 940 properties globally. Headquartered in Singapore, Ascott's presence extends across more than 220 cities in over 40 countries in Asia Pacific, Central Asia, Europe, the Middle East, Africa, and the USA.

Ascott's diversified accommodation offerings span serviced residences, co-living properties, hotels and independent senior living apartments, as well as student accommodation and rental housing. Its award-winning hospitality brands include Ascott, Citadines, lyf, Oakwood, Quest, Somerset, The Crest Collection, The Unlimited Collection, Preference, Fox, Harris, POP!, Vertu and Yello; and it has a brand partnership with Domitys. Through Ascott Star Rewards (ASR), Ascott's loyalty programme, members enjoy exclusive privileges and offers at participating properties.

A wholly owned business unit of CapitaLand Investment Limited, Ascott is a leading vertically-integrated lodging operator. Harnessing its extensive network of third-party owners and in-market expertise, Ascott grows fee-related earnings through its hospitality management and investment management capabilities. Ascott also expands its funds under management by growing its sponsored CapitaLand Ascott Trust and private funds.

For more information on Ascott's industry record of 40 years and its sustainability programme, please visit www.discoverasr.com/the-ascott-limited. Connect with us on Facebook, Instagram, TikTok and LinkedIn.

About CapitaLand Investment Limited

Headquartered and listed in Singapore, CapitaLand Investment Limited (CLI) is a leading global real estate investment manager (REIM) with a strong Asia foothold. As at 30 September 2023, CLI had S$133 billion of real estate assets under management, and S$90 billion of real estate funds under management (FUM) held via six listed real estate investment trusts and business trusts, and more than 30 private vehicles across Asia Pacific, Europe and USA. Its diversified real estate asset classes cover retail, office, lodging, business parks, industrial, logistics and data centres.

CLI aims to scale its FUM and fee-related earnings through fund management, lodging management and its full stack of operating capabilities, and maintain effective capital management. As the investment management arm of CapitaLand Group, CLI has access to the development capabilities of and pipeline investment opportunities from CapitaLand's development arm.

As a responsible company, CLI places sustainability at the core of what it does and has committed to achieve Net Zero carbon emissions for scope 1 and 2 by 2050. CLI contributes to the environmental and social well-being of the communities where it operates, as it delivers long-term economic value to its stakeholders.

Visit http://www.capitalandinvest.com/ for more information.