Ascott Ltd, the wholly-owned serviced residence arm of CapitaLand, yesterday launched its first Citadines project in Malaysia.
The Citadines Kuching Uplands, together with other projects that are scheduled to open in Malaysia, will more than double the current portfolio of Ascott in the area to a total of 1,168 units by 2013, from 455 units.
Recent deals of Ascott include a management contract for a third property of Somerset, which is due to open in 2010, and a second Ascott branded serviced residence in Kuala Lumpur.
According to Alfred Ong, managing director of Ascott in Southeast Asia and Australia, the presence of three brands of the group, namely, Somerset, Ascott, and Citadines, will enable it to provide for a larger scale of customers in Malaysia. Other prospective areas for growth include the Iskandar region, Penang and Petaling Jaya.
Citadines Kuching Uplands is expected to be completed in the first half of 2012. It is situated in the area of Jalan Simpang Tiga, which is set to be a center for education and local federal government administration offices.
The property is just 10 minutes away from the Samajaya Free Industrial Zone with many local and multinational companies.
Citadines will feature a total of 215 apartment units, ranging from one and two-bedroom units to studio flats. The serviced residence, which Kenbest Sdn Bhd developed, is part of a mixed development project featuring retail space of 200,000 sq ft.
Besides Citadines Kuching Uplands, Ascott Ltd also manages Somerset Gateway located in Kuching and seven other properties in Kuala Lumpur.