It now manages 68 apartment units at Seri Bukit Ceylon Residence and Marc Service Suites in Kuala Lumpur.
It will manage 151 units of Tiffani by i-Zen in Mont' Kiara, Kuala Lumpur, developed by Ireka Group, due for completion by the first half of 2010.
"We have been invited by developers who want us to manage their properties under our existing brands and we are looking into it," Ascott International Management (2001) Pte Ltd (AIM) senior vice president (operations) Alfred Ong told Business Times.
The Ascott Group, the largest global serviced residence operator in Asia-Pacific, Europe and the Gulf region, owns and manages 128 operational properties with 33 more coming up, under three brands - Ascott, Somerset and Citadines.
In Malaysia, it owns and/or manages Ascott Kuala Lumpur; Somerset Seri Bukit Ceylon, Kuala Lumpur; Somerset Gateway, Kuching, Sarawak; and Somerset Ampang, Kuala Lumpur, which will open by end-2010.
The brands Ascott and Somerset were introduced in Malaysia in 1998 and 2001 respectively, each aimed at high-end business travellers and expatriate families.
Ong said it is exploring ways to bring in Citadines, a more trendy brand popular in Europe, targeted at young and independent travellers.
In addition, Ong said, there may be "some improvement" in the group's net profit and revenue in its current financial year ending December 31, 2008, driven by higher portfolio gains.
Last year, it achieved a net profit of S$177.3 million (RM427 million) and revenue of S$435.3 million (RM1.1 billion), up by eight per cent and seven per cent respectively over 2006.
Ong said most of its properties offer an average 65 per cent gross operating profit, with some going as high as 80 per cent, he said.
By New Straits Times (by Sharen Kaur)
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1 comment:
ascott offers one of the best properties in malaysia. it's great that they are still interested marketing here
malaysia property
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