Ascott opens new KL property

KUALA LUMPUR: CapitaLand Ltd's wholly-owned serviced residence business unit The Ascott Ltd announced the opening of its new serviced residence Somerset Ampang Kuala Lumpur in a press release on Thursday, Feb 17.

The 207-unit Somerset Ampang Kuala Lumpur will further strengthen the brands presence in Malaysia.

"We see strong growth potential in Malaysia as the country grows economically and the arrival of expatriates for business and tourists for leisure or medical purpose continues to increase," said Tony Ho, Ascott's country general manager for Malaysia. "Currently, our serviced residences in Malaysia are performing well with occupancies of around 80%."

Somerset Ampang Kuala Lumpur, which is now open, is situated close to the capitals "Golden Triangle", a major business, shopping and entertainment hub. It is closeby to the Petronas Twin Towers, Menara Citibank and Menara ExxonMobil, as well as shopping malls like Suria KLCC and Ampang Park Shopping Centre. The Ampang LRT station is a short walk away.

The location was acquired in 2007. The serviced residences are part of a mixed-development that houses HSC Medical Centre, a medical, heart and diagnostic centre. The residence has studio-, 1-, 2- and 3-bedroom apartments.

The Ascott Ltd will open Citadines Uplands Kuching in 2012 and Ascott Sentral Kuala Lumpur in 2013. The company currently operates Somerset Gateway Kuching and six others in Kuala Lumpur – Ascott Kuala Lumpur, Somerset Ampang Kuala Lumpur, Somerset Seri Bukit Ceylon Kuala Lumpur and three properties for corporate leasing.

The Ascott Ltd is the world's largest international serviced residence owner-operator with over 21,000 operating serviced residence units in key cities around Asia Pacific, Europe and the Gulf region. About 5,000 units are under development. It is headquartered in Singapore.

The company has three brands — Ascott, Citadines and Somerset — and has a portfolio that covers 70 cities across 20 countires.

CapitaLand is one of Asia's largest real estate companies based in Singapore and listed there. It engages in real estate, hospitality and real estate financial services.