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KUALA LUMPUR: Singapore-based CapitaLand’s wholly owned serviced residence business unit, The Ascott Limited (Ascott) is growing its presence in Malaysia.
It recently opened a new 207-unit serviced residence known as Somerset Ampang Kuala Lumpur in the Embassy Row area of Kuala Lumpur. It has also secured a contract to manage the Citadines D’Pulze Cyberjaya, a 232-unit property in Cyberjaya.
“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, in a statement yesterday.
“Currently, our serviced residences in Malaysia are performing well with occupancies of around 80%,” he added.
Somerset Ampang Kuala Lumpur, which is now open, is situated close to KL’s “Golden Triangle”, near 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 property 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, one-, two-, and three-bedroom apartments.
Meanwhile, opening in 2014 and located opposite the Cyberjaya Transport Terminal is Citadines D’Pulze Cyberjaya. The serviced residence is part of an integrated commercial and lifestyle development which includes offices and retail mall that offers restaurants and a supermarket.
Ascott is also expected to open Citadines Uplands Kuching in 2012 and Ascott Sentral Kuala Lumpur in 2013. The company currently operates Somerset Gateway Kuching and six properties in Kuala Lumpur — Ascott Kuala Lumpur, Somerset Ampang Kuala Lumpur, Somerset Seri Bukit Ceylon Kuala Lumpur and three properties for corporate leasing.
The Ascott Limited 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.
The company, headquartered in Singapore, 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 and listed in Singapore. It engages in real estate, hospitality and real estate financial services.
This article appeared in The Edge Financial Daily, February 18, 2011.
