Ascott Expanding Malaysian Operations
The Ascott Ltd, the largest serviced residence owner-operator in the country, is expanding its operation here and adding at least three new properties in its portfolio next year.
The Singapore-based company, which is celebrating its 20th anniversary in Malaysia this year expects to open Ascott Star KLCC and lyf Raja Chulan in Kuala Lumpur, as well as Juru Residences in Prai, Penang.
Ascott, CapitaLand’s wholly-owned lodging business unit, also has an agreement with Plenitude Bhd to manage the Penang-based developer's property, Ascott Gurney Penang.
Ascott Gurney Penang is scheduled to open in the last quarter of 2021.
Both Ascott and Plenitude, which owns a strong diverse portfolio in the hospitality industry signed a serviced residence management agreement here, yesterday.
Ascott’s Regional General Manager for Singapore, Malaysia & Indonesia and VP Strategic Planning, Ervin Yeo said Ascott Gurney Penang will be conceptualised and designed with today's modern travellers in mind and will offer guests a quality hospitality experience in one of the most hospitable cities in Malaysia.
"We are pleased to have been chosen by Plenitude to manage their property in Penang. Ascott has a strong presence in key Malaysian cities and has been waiting for the right opportunity to bring our flagship Ascott brand to Penang. This project is in line with Ascott’s strategy of locating its properties in prime city areas, allowing our guests to enjoy greater convenience and easy accessibility," he said.
The 37-storey Ascott Gurney Penang is located along the Gurney drive promenade in the UNESCO-World-Cultural-Heritage-Site Georgetown.
Ascott Gurney Penang will be exquisitely designed by award-winning Interior Designer – Kian Liew, featuring 250 units of luxury studio apartments and two-bedroom apartments with fully furnished kitchenettes, built-in washers and dryers, averaging 57 sqm in size.
The property also comprises retail components and office units.
Plenitude chairman Elsie Chua said, the company is proud to award the management of one of its distinguished projects to Ascott.
"Given its prominent location in one of Penang's most vibrant and dynamic communities in Georgetown, we hope that Ascott Gurney Penang will create an iconic hospitality landmark," she said.
With Ascott Gurney Penang, Ascott will have more than 5,000 serviced apartment units across 25 properties in the country.
Come 2022, Ascott will also manage Somerset Kuala Lumpur (KL) Metropolis. The premium serviced apartments with a gross development value (GDV) of RM333 million is a part of the Met 1 integrated development in the RM20 billion KL Metropolis project by Naza TTDI Sdn Bhd.
Ascott inked a strategic partnership with Naza TTDI last month to manage the property under its brand upon its completion in 2022.