The largest international serviced residence operator in Malaysia strengthens its position in the country with a new contract to manage its third property in Nusajaya. Nusajaya is a regional city, located west of Johor, Malaysia. Officially launched on 15 February 2007, Nusajaya is one of the five flagship zones of Iskandar Malaysia – a 550,000-acre economic corridor three times the size of Singapore, formerly known as Iskandar Development Region (IDR). Iskandar Malaysia is envisioned to become a sustainable metropolis of international standing by 2025.
Citadines Medini Nusajaya will strengthen Ascott’s position as the largest international serviced residence operator in Malaysia when it is opened in early 2019. The 214-unit Citadines Medini Nusajaya has a prime location in Nusajaya’s main business and leisure district.
Mr Gerald Yong, Chief Investment Officer for The Ascott Limited, 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 was the first international serviced residence owner and operator in Nusajaya, a major new growth centre of Iskandar, where we recently opened Somerset Puteri Harbour Nusajaya and will be opening Somerset Medini Nusajaya later this year. Somerset Puteri Harbour Nusajaya is our first collaboration with UMLand in Nusajaya and it has been performing well since it opened last month.”
Mr Yong added: “Our first Citadines Apart’hotel in Malaysia, Citadines Uplands Kuching, has been enjoying very healthy occupancy since it opened in 2012. We see great potential in expanding our Citadines brand in Malaysia and in January 2015 we opened another Citadines Apart’hotel in Cyberjaya. With the addition of Citadines Medini Nusajaya, Ascott now has nine properties with more than 1,900 apartment units in Malaysia. This expansion will allow greater synergy and economies of scale in our operations.”