Ascott Strengthens Presence in Iskandar Malaysia with Another Management Contract
Somerset Medini Iskandar will be Ascott’s 10th and largest property in Malaysia
CapitaLand's wholly-owned serviced residence business unit, The Ascott Limited, 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 Ascott Marunouchi Tokyo
Strategically located in the Marunouchi-
Besides being near prominent commercial buildings, Ascott Marunouchi Tokyo is close to renowned
tourist attractions like Ginza which is the city's most prestigious shopping, dining and entertainment district. The serviced residence is located near the Imperial Palace, with apartments offering some of the best views of the Kokyo Gaien National Garden. Guests will also enjoy convenient access to other parts of Tokyo and Japan as Ascott Marunouchi Tokyo is linked to the Otemachi subway station and is a 10-minute walk to the main Tokyo train station.Ascott Marunouchi Tokyo will provide spacious and elegantly-designed apartments ranging from
studios to three-bedroom units with separate working and sleeping areas. For a local touch, guests can choose apartments that come with tatami mattresses. Facilities at the serviced residence include a swimming pool, roof-top terrace, gymnasium, reading lounge, business centre and meeting rooms.About The Ascott Limited
The Ascott Limited is a Singapore company that
The company operates three brands – Ascott, Citadines and Somerset. Its portfolio spans 83 cities
across 23 countries, 22 of which are new cities in Ascott's portfolio where its serviced residences are being developed.Ascott, a wholly-owned subsidiary of CapitaLand Limited, pioneered Asia Pacific's first international-
class serviced residence with the opening of The Ascott Singapore in 1984. In 2006, it established the world"s first Pan-Asian serviced residence real estate investment trust, Ascott Residence Trust. Today, the company boasts a 30-year industry track record and award-winning serviced residence brands that enjoy recognition worldwide.Ascott's achievements have been recognised internationally. Recent awards include World Travel
Awards 2013 for "World's Leading Serviced Apartment Brand" and "Leading Serviced Apartment Brand" in Asia and Europe, Business Traveller Asia-Pacific Awards 2013 for "Best Serviced Residence Brand" and "Best Serviced Residence", Business Traveller China Awards 2013 for "Best Serviced Residence Brand", Business Traveller UK Awards 2013 for "Best Serviced Apartment Company", TTG China Travel Awards 2013 for "Best Serviced Residence Operator in China" and DestinAsian Readers" Choice Awards 2014 for "Best Serviced Residence Brand".Visit www.the-ascott.com for more
information and connect with us on social media at www.the-ascott.com/connect.About Ascott's 30th Anniversary
2014 marks Ascott's 30th Anniversary. To
About CapitaLand Limited
CapitaLand is one of Asia's largest real estate
The company's diversified real estate portfolio primarily includes homes, offices, shopping malls,
serviced residences and mixed-use developments. The company also has one of the largest real estate fund management businesses with assets located in Asia. CapitaLand leverages its significant asset base, real estate domain knowledge, product design and development capabilities, active capital management strategies and extensive market network to develop real estate products and services in its markets.The listed entities of the CapitaLand Group include CapitaMalls Asia, Ascott Residence Trust,
CapitaCommercial Trust, CapitaMall Trust, CapitaMalls Malaysia Trust and CapitaRetail China Trust.Tan Hock Lee
Manager, Corporate Communications
(65) 6823 3266
The Ascott Limited