Singapore-based Ascott to manage Kota Kinabalu waterfront property

KUALA LUMPUR, April 15 — The Ascott Ltd (Ascott), a Singapore-based serviced residence owner-operator, has secured a management contract for a 253-unit serviced residence, Citadines Waterfront Kota Kinabalu, in Sabah.

The property will be the first international brand of serviced residence in Sabah when it opens in 2018.

Ascott’s Area Manager (Malaysia) Munwar Basha said demand for quality accommodation in Malaysia has been growing strongly as the country continues to attract foreign direct investment.

Strategically located, he said Kota Kinabalu is the industrial and commercial centre of Sabah with many government institutions and international corporations’ branch offices, alongside being a well-known destination for eco-tourism.

“Kota Kinabalu is also popular for meetings, incentives, conventions and exhibitions. We therefore expect strong accommodation demand from these sectors,” he added, in a statement.

Basha said besides Citadines Waterfront Kota Kinabalu, Ascott would be opening two more properties in Nusajaya, Iskandar and one in Petaling Jaya, Selangor by 2019.

The company, he added, will continue to seek opportunities to expand and strengthen its leadership position in Malaysia. — Bernama

Source: The Malay Mail Online