Titijaya Land Berhad and Ascott Limited joint venture in Penang and Glenmarie, Shah Alam.
Developer Titijaya Land Berhad, and serviced residence operator Ascott Limited, have joined forces at two sites in Penang and Glenmarie, Malaysia. A collaboration of expertise in the development and service industries, an agreement has been signed for a term of 10 years with the option to renew for a further 5 years.
Titijaya has developed in excess of 3,000 units since its establishment in 2001, with a total gross development value of RM 1.44 billion. Specialising in residential, commercial and industrial property development, their teaming with the global leaders in serviced residences Ascott, which includes the Somerset and Citadines brands, will provide both developments with the right exposure.
“Ascott is popular with multinational companies as its network of international serviced residences and support systems offer easy, speedy and cost effective solutions for managing the accommodation needs of stays”, says Phil Lim, Malaysia’s country general manager for Ascott, “We will bring our expertise into these two prestigious developments by Titijaya”.
As a result of Ascott’s impressive occupancy track record and reputation, Lim Poh Yit, Titijaya’s group deputy manager, is; “Confident that the appointment will serve as a valuable avenue for Titjiaya to make our entrance into the international market. We will be able to benefit from Ascott’s global platform, professional management and marketing roadmap”.
There will be 200 units in the south of Penang geared towards business travellers from nearby industrial estates, and 250 units at Glenmarie, which is part of a mixed-use development of one of the biggest shopping malls in the area. Both will range from studios to two bedrooms, with fitness centres, swimming pools and daily housekeeping services to maximise their appeal.