The Ascott Limited (Ascott), a wholly-owned subsidiary of CapitaLand, has secured a contract from Nusajaya Consolidated Bhd to manage the Somerset Puteri Harbour Iskandar, its first serviced residence in Iskandar, Malaysia.
Scheduled to open in 2013, the 204-unit project will be developed in a new joint venture between Malaysian developers UEM Land Bhd and United Malayan Land Bhd.
Somerset Puteri Harbour Iskandar offers spacious apartments, ranging from studio to three-bedroom units that are fully furnished with modern amenities. It includes facilities like a gymnasium, swimming pool, residents’ lounge and restaurant.
“As the first international serviced residence provider in Nusajaya, Ascott is well positioned to tap on the burgeoning demand for quality accommodation from expatriates and travellers,” said Lim Ming Yan, Ascott’s CEO.
He noted that Malaysia offers strong growth potential for Ascott due to its resilient economy and attractiveness as a destination for foreign direct investment (FDI).
The government has invested significant resources to develop the Iskandar region to spur the growth of Malaysia’s economy. Besides attracting investments of over RM70 billion from local and foreign companies, large-scale tourism projects in Iskandar also present many opportunities for serviced residences.
The project is strategically located within Nusajaya, which is home to developments like EduCity and Medini. It is near Kota Iskandar and can be easily accessed through the Johor-Singapore Causeway and the upcoming coastal highway which links Nusajaya to Johor city centre.
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