CapitaLand’s wholly-owned serviced residence arm, The Ascott Ltd, yesterday launched its first Citadines project in Malaysia.
The Citadines Kuching Uplands, along with others that are due to open in Malaysia, will more than double Ascott’s current portfolio there from 455 units to a total of 1,168 units by 2013.
Recent deals include a management contract for a second Ascott branded serviced residence in Kuala Lumpur, and a third Somerset property which will open next year.
Alfred Ong, Ascott’s managing director for South-east Asia and Australia, said that the presence of the group’s three brands – Ascott, Somerset and Citadines – will enable it to cater to a wider range of customers in Malaysia. Other potential areas for growth include Penang, Petaling Jaya and the Iskandar region.
Citadines Kuching Uplands is scheduled for completion by the first half of 2012. It is located in the Jalan Simpang Tiga area which is slated to be a hub for education and local federal government administration offices.
The property is also a 10-minute drive from the Samajaya Free Industrial Zone with many multinational and local companies.
Citadines Kuching Uplands will offer a total of 215 apartment units, ranging from studios to one and two-bedroom units. The serviced residence, developed and owned by Kenbest Sdn Bhd, is part of a mixed development project which features 200,000 sq ft of retail space.
Besides Citadines Kuching Uplands, Ascott manages Somerset Gateway in Kuching and seven other properties in Kuala Lumpur.
Source: Business Times, 17 Dec 2009
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