Ascott Strengthens Presence in Iskandar Malaysia with Another Management Contract

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 Somerset Medini Iskandar

Somerset Medini Iskandar is strategically located in Medini, the central business district of the Nusajaya flagship economic zone in Iskandar. Nearby Medini are developments such as Kota Iskandar – the Johor State's new administrative centre, EduCity – a regional education hub housing over 10 established educational institutions, and Puteri Harbour – an integrated waterfront and marina development. Pinewood Iskandar Malaysia Studios, the largest independent integrated studio facility in Southeast Asia, is also in the serviced residence's vicinity.

Somerset Medini Iskandar is a convenient 15-minute drive from the Malaysia-Singapore Second Link and 25 minutes away from Johor's Senai International Airport. It is easily accessible via the coastal highway that links Nusajaya to Johor's city centre.

As part of the 'Urban Wellness' development, the 33-storey Somerset Medini Iskandar will be connected to a four-storey wellness centre, a five-storey corporate training centre with meetings and conventions facilities, as well as retail outlets. The serviced residence is situated next to the Gleneagles Medini Hospital that will have a 300-bed private healthcare complex and a 150-suite medical office block. It is also close to Asia's first LEGOLAND theme park and Medini Lifestyle Mall, the largest retail centre in South Malaysia.

Somerset Medini Iskandar will offer expatriates and travellers a choice of studios, one-, two- and three-bedroom apartments that come fully furnished with modern amenities. Residents can experience the warmth of home and a balanced lifestyle through a variety of facilities such as a gymnasium, swimming pool, restaurant and children's playroom.

Besides Somerset Medini and Somerset Puteri Harbour in Iskandar, Ascott will open Ascott Sentral Kuala Lumpur this year, Citadines D'Pulze Cyberjaya in 2014 and Somerset Damansara Uptown Petaling Jaya in 2016. Ascott currently operates Ascott Kuala Lumpur, Citadines Uplands Kuching, Somerset Ampang Kuala Lumpur, Seri Bukit Ceylon Residences and Marc Service Suites in Kuala Lumpur.

About The Ascott Limited

The Ascott Limited is a Singapore company that has grown to be the world's largest international serviced residence owner-operator. It has more than 22,000 operating serviced residence units in key cities of Asia Pacific, Europe and the Gulf region, as well as over 9,000 units which are under development, making a total of more than 31,000 units in over 200 properties.

The company operates three brands – Ascott, Citadines and Somerset. Its portfolio spans over 70 cities across more than 20 countries, 14 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 29-year industry track record and award-winning serviced residence brands that enjoy recognition worldwide.

Ascott's achievements have been recognised internationally. Recent awards include DestinAsian Readers' Choice Awards 2013 for 'Best Serviced Apartment/Residence Operator', TTG Travel Awards 2012 for 'Best Serviced Residence Operator', TTG China Travel Awards 2012 for 'Best Serviced Residence Operator in China', Business Traveller Asia-Pacific Awards 2012 for 'Best Serviced Residence Brand' and 'Best Serviced Residence in Asia-Pacific', and Business Traveller UK Awards 2012 for 'Best Serviced Apartment Company'.

Visit www.the-ascott.com for more information and connect with us on social media at www.the-ascott.com/connect.