Ascott 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 an ‘Urban Wellness’ integrated development by Pulau Indah Ventures, a joint venture between Khazanah Nasional Berhad and Temasek Holdings (Private) Limited.
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.”
Somerset Medini Iskandar is 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 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.