Ascott to manage its first serviced residence in Malaysia

The new 204-unit Somerset Puteri Harbour Iskandar is scheduled to open in the Nusajaya flagship economic zone in 2013.

CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited, has won a contract to manage its first serviced residence in Iskandar, the southern gateway of Malaysia.

The new 204-unit Somerset Puteri Harbour Iskandar is scheduled to open in the Nusajaya flagship economic zone in 2013. The contract is awarded by Nusajaya Consolidated Sdn Bhd, a joint venture between established Malaysian developers United Malayan Land Bhd and UEM Land Berhad.

Mr Lim Ming Yan, Ascott‟s Chief Executive Officer, said: “Malaysia has strong growth potential for Ascott due to its resilient economy and attractiveness as a destination for foreign direct investments. 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 foreign and domestic companies, the large-scale tourism projects in Iskandar also bring tremendous opportunities for serviced residences."