Singaporean serviced residence company The Ascott Limited is set to open the 310-unit Somerset Medini Iskandar in Malaysia’s Johor Bahru region, which borders Singapore.
The company operates three brands – Ascott, Citadines and Somerset – and this property will be its 10th and largest in Malaysia when it opens in 2015. It will join the Somerset Puteri Harbour, which is due to open next year, also in Johor Bahru.
"We see immense potential for serviced residences in Iskandar. The economic corridor has attracted investments of over RM106 billion,” Chong Kee Hiong, Ascott’s chief executive officer said.
The burgeoning region has also attracted the interest of international hotel groups, with Shangri-La Group being the most recent to enter the market with a planned Traders hotel (see story here).
The Somerset Medini Iskandar will be located in the central business district of the Nusajaya flagship economic zone and will be surrounded by government and educational institutions as well as a new waterfront and marina development. It will also be just a 15-minute drive from the Malaysia-Singapore Second Link and 25 minutes away from Johor's Senai International Airport.
The 33-storey property will house studios, one-, two- and three-bedroom fully furnished apartments. It be part of an “Urban Wellness” development, which will include a four-storey “wellness centre”, five stories worth of meeting and convention facilities, and retail outlets.
In Malaysia, Ascott will also open Ascott Sentral Kuala Lumpur this year, Citadines D’Pulze Cyberjaya in 2014 and Somerset Damansara Uptown Petaling Jaya in 2016. This is in addition to the company’s four current Kuala Lumpur properties, and one in Kuching. The Ascott is the world's largest international serviced residence owner-operator with more than 200 properties across 20 countries.
For more information, visiti www.the-ascott.com
Alex Andersson
