Malaysia: Developer Titijaya Land Bhd has entered into a residential management agreement with The Ascott Ltd for two property developments in Penang and Shah Alam.
The two properties have a collective gross development value of RM4.1 billion (£740 million).
At the signing ceremony today, Titijaya group deputy managing director Lim Poh Yit said: “We will be able to benefit from Ascott’s global platform, professional management and marketing roadmap set out for Titijaya’s anticipated developments.”
The term of agreement is for a period of 10 years, after which both parties will have the option to extend the agreement for an additional five years.
The Penang project, on the south-east of the island, will consist of 200 units, ranging from studio to two-bedroom apartments.
The 250-unit Shah Alam project will be located at the intersection of the major highways – Elite Highway, Guthrie Corridor and New Klang Valley Expressway. “The property will be part of a mixed-use development that houses offices and one of the largest shopping malls in that vicinity,” said Lim.
Titijaya expects to launch both the projects by 2017, and will offer guests a choice of studios, one- and two-bedroom apartments with facilities, such as a gymnasium, swimming pool, launderette and residents’ lounge.
“Ascott’s core competency has been in the extended stay market, which has put them in a very resilient position and given them a strong competitive edge, with an excellent occupancy rate track record,” said Lim.
www.the-ascott.com
www.titijaya.com.my</p
