Bookmark & Share
Serviced residence operator The Ascott Limited (Ascott) has stepped up its presence in Iskandar Malaysia after securing a contract to manage its third property in Nusajaya, through an agreement with a subsidiary of United Malayan Land (UMLand).
Set to open in 2019, the 214-unit Citadines Medini Nusajaya is part of UMCity, a mixed development comprising Grade A offices and a retail podium. Nearby amenities include universities and schools at EduCity, the LEGOLAND theme park and South Malaysia’s largest shopping mall.
Located in Medini, the central business district of the Nusajaya zone, the serviced apartment is a short drive from the Malaysia-Singapore Second Link expressway and Senai International Airport.
Gerald Yong, Ascott’s Chief Investment Officer said: “There is significant potential for serviced residences in Iskandar, which is primed to be a key economic growth region in Malaysia as more multinational companies set up base in the area.”
Ascott, which is wholly-owned by property giant CapitaLand, recently opened Somerset Puteri Harbour and will be opening Somerset Medini Nusajaya later in the year.
“Somerset Puteri Harbour Nusajaya is our first collaboration with UMLand in Nusajaya and it has been performing well since it opened last month,” Yong noted.
With the addition of Citadines Medini Nusajaya, Ascott now has nine properties with more than 1,900 apartment units in Malaysia.
Image: Facade of Citadines Medini Nusajaya. (Source: The Ascott Limited)
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
Related Articles:
Frasers Centrepoint to issue S$700mil perpetual securities