Ascott Secures Its First Serviced Residence In Iskandar Malaysia

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CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has won a contract to manage its first serviced residence in Iskandar, the southern gateway of Malaysia.

With this new property in Iskandar, we now have a strong growth pipeline of more than 900 units which are scheduled to open in Malaysia over the next five years.

CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has won a contract to manage its first serviced residence in Iskandar, the southern gateway of Malaysia. The new 204-unit Somerset Puteri Harbour Iskandar is scheduled to open in the Nusajaya flagship economic zone in 2013. The contract is awarded by Nusajaya Consolidated Sdn Bhd, a joint venture between established Malaysian developers United Malayan Land Bhd and UEM Land Berhad.

Mr Lim Ming Yan, Ascott’s Chief Executive Officer, said: “Malaysia has strong growth potential for Ascott due to its resilient economy and attractiveness as a destination for foreign direct investments. The government has invested significant resources to develop the Iskandar region to spur the growth of Malaysia’s economy. Besides attracting investments of over RM70 billion from foreign and domestic companies, the large-scale tourism projects in Iskandar also bring tremendous opportunities for serviced residences. As the first international serviced residence provider in Nusajaya, Ascott is well positioned to tap on the burgeoning demand for quality accommodation from expatriates and travellers.”

Mr Alfred Ong, Ascott’s Managing Director for Southeast Asia and Australia, said: “Ascott expanded into Cyberjaya and Petaling Jaya earlier this year and we are pleased to add another city to our Malaysian network. Our entry into Iskandar further strengthens Ascott’s leadership position as the largest international serviced residence owner and operator in Malaysia. We currently operate five properties with close to 700 apartment units. With this new property in Iskandar, we now have a strong growth pipeline of more than 900 units which are scheduled to open in Malaysia over the next five years. In total, this brings our Malaysian portfolio to over 1,600 units. We will continue to look for opportunities to expand our footprint in Malaysia.”

Somerset Puteri Harbour Iskandar is strategically located within Nusajaya, home to developments such as EduCity which houses several world-class university campuses, Medini which encompasses business and leisure districts, the Southern Industrial and Logistics Clusters and Afiat Healthpark. The serviced residence is within walking distance to Kota Iskandar, the Johor State’s new administrative centre. It is a 20-minute drive from the Malaysia-Singapore Second Link and 25 minutes away from Johor's Senai International Airport. It is also easily accessible via the soon to be opened coastal highway which links Nusajaya to the main Johor city centre and the Johor-Singapore Causeway. Travellers can enjoy excellent connectivity to other parts of the Iskandar region via the water transport terminal, bus terminal and light rail transit station situated in the property’s vicinity.

As part of the luxurious waterfront development of Puteri Harbour, Somerset Puteri Harbour Iskandar is near quayside lifestyle stores, fine dining restaurants, alfresco cafés and an indoor theme park featuring popular children’s characters such as Hello Kitty, Thomas and Friends, Barney and Bob the Builder. Furthermore, it is just 10 minutes away from the first Legoland theme park in Asia which is expected to open in 2012.

Somerset Puteri Harbour Iskandar offers spacious apartments ranging from studios to three-bedroom units that come fully furnished with modern amenities. With facilities such as a gymnasium, swimming pool, restaurant and residents’ lounge available in the property, Somerset Puteri Harbour Iskandar provides the ideal home away from home for travellers and their families to live, work and play.

Besides Somerset Puteri Harbour Iskandar, Ascott plans to open Citadines Uplands Kuching in 2012, Ascott Sentral Kuala Lumpur in 2013, Citadines D'Pulze Cyberjaya in 2014 and Somerset Damansara Uptown Petaling Jaya in 2016. Ascott currently operates Ascott Kuala Lumpur, Somerset Ampang Kuala Lumpur, Somerset Seri Bukit Ceylon Kuala Lumpur and two properties for corporate lease in Malaysia.

The management contract for Somerset Puteri Harbour Iskandar is not expected to have any material impact on the net tangible assets or earnings per share of the CapitaLand Group for the financial year ending 31 December 2011.

About The Ascott Limited

The Ascott Limited is the world’s largest international serviced residence owner-operator with over 22,000 operating serviced residence units in key cities of Asia Pacific, Europe and the Gulf region, as well as over 6,000 units which are under development, making a total of more than 28,000 units.

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, is headquartered in Singapore. It pioneered Asia Pacific’s first international-class serviced residence 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 27-year industry track record and award-winning serviced residence brands that enjoy recognition worldwide.

Recent awards include DestinAsian Readers’ Choice Awards 2011 ‘Best Serviced Residence in Asia Pacific’, Business Traveller Asia-Pacific Awards 2011 ‘Best Serviced Residence Brand’ and ‘Best Serviced Residence in Asia-Pacific’, Business Traveller UK Awards 2011 ‘Best Serviced Apartment Company’, TTG China Travel Awards 2011 ‘Best Serviced Residence Operator in China’ and TTG Travel Awards 2011 ‘Best Serviced Residence Operator’.

About CapitaLand Group

CapitaLand is one of Asia’s largest real estate companies. Headquartered and listed in Singapore, the multi-local company’s core businesses in real estate, hospitality and real estate financial services are focused in growth cities in Asia Pacific and Europe.

The company’s real estate and hospitality portfolio, which includes homes, offices, shopping malls, serviced residences and mixed developments, spans more than 110 cities in over 20 countries. CapitaLand also leverages on its significant asset base, real estate domain knowledge, financial skills and extensive market network to develop real estate financial products and services in Singapore and the region.

The listed entities of the CapitaLand Group include Australand, CapitaMalls Asia, CapitaMall Trust, CapitaCommercial Trust, Ascott Residence Trust, CapitaRetail China Trust, CapitaMalls Malaysia Trust and Quill Capita Trust.

About United Malayan Land Bhd

Listed on the Main Board of Bursa Malaysia, UMLand is an established property developer in Malaysia. Its major shareholders include CapitaLand Limited, Tradewinds Corporation Berhad and Chee Tat Holdings (S) Pte Ltd. UMLand operates two development divisions, namely the Township and Niche Divisions.

The Township Division has three integrated township developments located in high growth areas of Malaysia. The townships of Bandar Seri Alam and Taman Seri Austin are strategically located within Iskandar Malaysia, Johor whilst Bandar Seri Putra is situated in Selangor. The Niche Division has to date completed three high-end residential serviced apartments and condominiums – Seri Bukit Ceylon at Jalan Bukit Ceylon, Suasana Sentral Loft at KL Sentral and Suasana Bangsar in the suburb of Bangsar. The Division is now developing 310-unit residential serviced apartments located in Bukit Ceylon within KL city centre known as Suasana Bukit Ceylon and is on course to launch three new niche projects within the vicinity of KLCC, Johor Bahru CBD and Nusajaya, Iskandar Malaysia.

About UEM Land Berhad

UEM Land Berhad is a wholly-owned subsidiary of UEM Land Holdings Berhad. UEM Land Holdings is the flagship company for the real estate investment and development businesses of UEM Group Berhad. UEM Group is wholly-owned by Khazanah Nasional Berhad, the investment holding company of the Government of Malaysia.

UEM Land is currently undertaking the development of Nusajaya into a regional city with diverse catalysts developments to create and promote economic growth and development in the area and to meet various economic activities and market demands. Its subsidiary, Sunrise Berhad, is the award-winning property development company largely responsible for the iconic Mont’Kiara development in Kuala Lumpur.

UEM Land is also the owner and developer of a signature urban development in Cyberjaya, Malaysia’s IT hotbed located just south of Kuala Lumpur. The development, Symphony Hills, is an exclusive residential development and the country’s first Connected Intelligent Community offering smart-home features and community connectivity through high-speed broadband.

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Tan Hock Lee

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