Latest news with #Ascott-branded
The Sun
3 days ago
- Business
- The Sun
Ascott to manage five-star hotel in Johor Bahru's Coronation Square
PETALING JAYA: The Ascott Limited, the lodging business unit wholly owned by CapitaLand Investment, has been appointed by Coronade Properties Sdn Bhd to manage the hotel component of the Coronation Square integrated development in Johor Bahru. The development is located in the Ibrahim International Business District (IIBD) within the Johor-Singapore Special Economic Zone (JS-SEZ) and will be directly connected to the upcoming Rapid Transit System Link ((RTS Link). Operating under Ascott's namesake brand, Ascott Coronation Square Johor Bahru will serve as a flagship hospitality development in the JS-SEZ, catering to rising demand from increased cross-border business, tourism and investment activities. The collaboration represents the first major hospitality partnership since the landmark JS-SEZ agreement between Malaysia and Singapore in January, highlighting the zone's emerging appeal for cross-border business ventures. The project also marks the debut of the premier Ascott brand in Johor Bahru and will be the sixth Ascott-branded property in Malaysia. The other five Ascott-branded properties are in Kuala Lumpur and Penang. This represents a strategic milestone in Ascott's continued expansion in Malaysia, where it now manages a portfolio of over 40 properties, both operating and in the pipeline. The hotel management agreement between Ascott and Coronade Properties was signed yesterday in Singapore, witnessed by Johor Menteri Besar Datuk Onn Hafiz Ghazi, and Singapore Minister of State, Ministry of Trade and Industry and Ministry of National Development, Alvin Tan. Ascott Coronation Square Johor Bahru will be a five-star hotel with 207 rooms housed within Tower 1 of Coronation Square, strategically located in the IIBD of the JS-SEZ and scheduled to open in the second half of 2029. Currently under development, Coronation Square is a RM5 billion integrated development by Coronade Properties and the first project to kick-start the 250-acre IIBD, positioned as a catalyst to transform Johor Bahru into a world-class metropolis. The 9.6-acre development comprises hotel, medical, office and residential components, as well as the 1.2 million-square-foot Coronation Square Mall. Construction of the mall will begin in 2026, with completion targeted for 2030. Coronade Properties corporate relations director Datin Paduka Alinah Ahmad disclosed that Coronade Properties is planning the launch a residential project, Coronade Twins, in the fourth quarter of this year. Ascott chief strategy officer and managing director for Southeast Asia Wong Kar Ling said: 'With the JS-SEZ catalysing greater cross-border investments and the RTS enhancing connectivity, Johor Bahru is entering a dynamic new phase of growth. Ascott Coronation Square Johor Bahru allows us to introduce our namesake Ascott brand to this market, positioning us at the heart of this transformation to capture rising demand from corporate, long-stay and leisure segments. This reinforces our long-term commitment to Malaysia's hospitality landscape and cross-border prosperity.' 'Ascott's presence in Malaysia continues to deepen, with over 40 properties in operation and in the pipeline. They span diverse brands including Ascott, Citadines, lyf, Oakwood, Somerset, Crest Collection, Unlimited Collection, Fox and Harris, catering to a wide range of guests and market segments. 'From key urban centres like Kuala Lumpur and Johor Bahru to fast-growing leisure destinations such as Penang and Sabah, Malaysia remains a core growth market for us. We are committed to expanding our footprint with high-quality developments that meet the evolving expectations of discerning travellers visiting the country,' she added.
The Star
3 days ago
- Business
- The Star
Ascott to debut in Johor with hospitality partnership
SINGAPORE: The Ascott brand will be making its debut in Johor, making it the first major hospitality partnership since the launch of the landmark Johor-Singapore Special Economic Zone (JS-SEZ) agreement between both countries early this year. Known as the Ascott Coronation Square Johor Bahru, the project will be the sixth Ascott-branded property in Malaysia. The other five Ascott-branded properties are in Kuala Lumpur and Penang. This represents a strategic milestone in Ascott's continued expansion in Malaysia, where it now manages a portfolio of over 40 properties, both operating and in the pipeline. The Ascott Limited (Ascott), the lodging business unit wholly owned by CapitaLand Investment (CLI), has been appointed by Coronade Properties Sdn Bhd (Coronade Properties) to manage the hotel component of the Coronation Square integrated development. The development is strategically located in the Ibrahim International Business District (IIBD) within the Johor-Singapore Special Economic Zone (JS-SEZ) and will be directly connected to the upcoming Rapid Transit System (RTS) Link. Operating under Ascott's flagship namesake brand, Ascott Coronation Square Johor Bahru will serve as a flagship hospitality development in the JS-SEZ, catering to rising demand from increased cross-border business, tourism and investment activities. The hotel management agreement between Ascott and Coronade Properties was signed today in Singapore, witnessed by Johor Mentri Besar Datuk Onn Hafiz Ghazi and Singapore Minister of State for Trade and Industry and National Development Alvin Tan. Elevating the Hospitality Experience in the JS-SEZ Ascott Coronation Square Johor Bahru will be a five-star hotel with 207 rooms housed within Tower 1 of Coronation Square, strategically located in the IIBD of the JS-SEZ. Scheduled to open in the second half of 2029, the hotel will cater to leisure, business and long-stay travellers with comprehensive facilities including an all-day dining restaurant, swimming pool, fitness centre, residents' lounge and meeting rooms. Designed as a sanctuary of fine living, the property will showcase Ascott's signature touches through timeless interiors, curated lobby art installations and elevated service by the Ascott Artisan. Guests can enjoy curated experiences including Themed Suites and the Ascott Soirée, a cultural initiative celebrating the arts and connecting guests to their destination. Meanwhile Johor Mentri Besar Datuk Onn Hafiz Ghazi in his speech said that the unveiling of Ascott Coronation Square Johor Bahru was a proud moment for the state as it was a significant step towards becoming a dynamic, future-ready and internationally connected state. 'Coronation Square is not just another development. It is a catalyst project of the Ibrahim International Business District (IIBD) which forms a vital component of the broader JS-SEZ,' he said. He stressed that the IIBD vision was to create a vibrant new business and financial hub for the region and Coronation Square stands as a centrepiece of this iconic city masterplan. Onn said that while Johor continues to prioritise affordable housing, rural development and community upliftment, the state also acknowledges the importance of high-impact, investment-grade developments. 'Projects like Coronation Square attract international investors, tourists and talents. All of whom contribute to a more diverse and resilient economy,'he said, adding that they generate quality job opportunities, raise industry standards and create upskilling pathways for Johorians to thrive in a globally competitive market. He added that the arrival of Ascott Limited in Coronation Square marks a turning point for Johor's hospitality landscape. 'Ascott presence brings a world-renowned brand into our state, elevating Johor's profile on a global stage,' he added.
The Star
3 days ago
- Business
- The Star
Ascott, Coronade Properties ink hotel management agreement for Coronation Square
SINGAPORE: Singapore-headquartered hospitality firm The Ascott Ltd has been appointed by Coronade Properties Sdn Bhd to manage the hotel component of the Coronation Square integrated development in Johor Bahru. Ascott chief growth officer Serena Lim and Coronade Properties corporate relations director Datin Paduka Alinah Ahmad signed the hotel management agreement, witnessed by Johor Menteri Besar Datuk Onn Hafiz Ghazi and Singapore Minister of State for Trade and Industry & National Development Alvin Tan, at Capital Tower here today. Operating under Ascott's flagship namesake brand, Ascott Coronation Square Johor Bahru, the five-star hotel will feature 207 rooms housed within Tower 1 of Coronation Square and is scheduled to open in the second half of 2029. Strategically located in the Ibrahim International Business District (IIBD) within the Johor-Singapore Special Economic Zone (JS-SEZ), the development will also be directly connected to the upcoming Rapid Transit System (RTS) Link, which connects Johor's Bukit Chagar with Singapore's Woodlands North. Ascott chief executive officer Kevin Goh said that as the first major hospitality partnership under the JS-SEZ framework, the project reflects the growing momentum behind cross-border collaboration and Ascott's confidence in the region's long-term prospects. "This hotel represents a landmark debut for the Ascott brand in Johor Bahru and our sixth Ascott-branded property in Malaysia. With over 1,000 properties worldwide, this project further demonstrates our sustained growth trajectory and the strength of our partnerships across strategic markets,' he said in his welcome remarks. The other five Ascott-branded properties are in Kuala Lumpur and Penang. Meanwhile, Onn Hafiz said the partnership would not only bring a world-renowned brand to Johor and raise its international profile, but also generate employment opportunities for the local community. "The arrival of Ascott in Coronation Square marks a turning point for Johor's hospitality landscape. It also opens doors for Johoreans not only in terms of jobs, but in exposure, capability building and industry excellence,' he said. Onn Hafiz said projects like Coronation Square attract international investors, tourists, and talents -- all of whom contribute to a more diverse and resilient economy for the state. He noted that, when completed, Coronation Square will transform Johor Bahru into a new metropolis and financial hub. Currently under development, Coronation Square -- launched by the Sultan of Johor, Sultan Ibrahim Almarhum Sultan Iskandar in 2015 -- is a RM5 billion integrated project and marks the first initiative to kick-start the 250-acre (101.17-hectare) IIBD. Meanwhile, Tan said the JS-SEZ is a complementary and win-win initiative for both Singapore and Johor, describing it as an important development that enhances the region's value proposition as an investable location for parties outside ASEAN "It is the strength of Singapore as a global hub in research and development, and finance combined with Johor's growing talent pool and resources,' he said. - Bernama
Barnama
3 days ago
- Business
- Barnama
Ascott, Coronade Properties Ink Hotel Management Agreement For Coronation Square
BUSINESS SINGAPORE, Aug 8 (Bernama) -- Singapore-headquartered hospitality firm The Ascott Ltd has been appointed by Coronade Properties Sdn Bhd to manage the hotel component of the Coronation Square integrated development in Johor Bahru. Ascott chief growth officer Serena Lim and Coronade Properties corporate relations director Datin Paduka Alinah Ahmad signed the hotel management agreement, witnessed by Johor Menteri Besar Datuk Onn Hafiz Ghazi and Singapore Minister of State for Trade and Industry & National Development Alvin Tan, at Capital Tower here today. Operating under Ascott's flagship namesake brand, Ascott Coronation Square Johor Bahru, the five-star hotel will feature 207 rooms housed within Tower 1 of Coronation Square and is scheduled to open in the second half of 2029. Strategically located in the Ibrahim International Business District (IIBD) within the Johor-Singapore Special Economic Zone (JS-SEZ), the development will also be directly connected to the upcoming Rapid Transit System (RTS) Link, which connects Johor's Bukit Chagar with Singapore's Woodlands North. Ascott chief executive officer Kevin Goh said that as the first major hospitality partnership under the JS-SEZ framework, the project reflects the growing momentum behind cross-border collaboration and Ascott's confidence in the region's long-term prospects. 'This hotel represents a landmark debut for the Ascott brand in Johor Bahru and our sixth Ascott-branded property in Malaysia. With over 1,000 properties worldwide, this project further demonstrates our sustained growth trajectory and the strength of our partnerships across strategic markets,' he said in his welcome remarks. The other five Ascott-branded properties are in Kuala Lumpur and Penang. Meanwhile, Onn Hafiz said the partnership would not only bring a world-renowned brand to Johor and raise its international profile, but also generate employment opportunities for the local community. 'The arrival of Ascott in Coronation Square marks a turning point for Johor's hospitality landscape. It also opens doors for Johoreans not only in terms of jobs, but in exposure, capability building and industry excellence,' he said.
Business Times
02-05-2025
- Business
- Business Times
Ascott looks to stay agile amid uncertainty as it continues to grow footprint in Asia
[BANGKOK] The Ascott – the lodging business of CapitaLand Investment – intends to 'stay agile' in the current period of geopolitical uncertainty, said its chief executive officer Kevin Goh. 'If we think the second half of 2025 is going to be more volatile, we will try to lock in more long-term stay (guests),' he told reporters in Bangkok as he outlined Ascott's business strategy. Goh's comments came as the company continues to grow its presence in Asia. On Apr 25, it announced the launch of three new Ascott-branded properties in the region – the Ascott Ortigas Manila, Ascott Shenton Way in Singapore and the first Ascott property in the Chinese city of Wenzhou in Zhejiang province. This builds on the eight new property signings in 2024, which was double the number in the previous year. In total, the Ascott brand portfolio includes more than 80 properties with over 17,400 units – both operational and in the pipeline – across 43 cities. The expansion takes place at a time of immense economic uncertainty following the threat of US President Donald Trump's tariffs on imports, with especially high rates for many Asian countries such as China, Vietnam and Thailand. The implementation has since been paused for 90 days until July, with the exception of China, which has a tariff rate of 145 per cent. Ascott CEO Kevin Goh notes that the company's mixed product approach – it operates both serviced apartments and hotels, with corporate long-stay and leisure short-stay accommodation – has proved advantageous over the years. PHOTO: CHERYL ONG, BT During the media interview, Goh noted that Ascott's mixed product approach – it operates both serviced apartments and hotels, with corporate long-stay and leisure short-stay accommodation – has proved advantageous over the years. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up This was especially so during the Covid-19 pandemic years when Ascott still achieved occupancy rates of between 40 and 50 per cent as corporate travellers were stuck in their cities of work for long periods due to travel bans, while leisure tourism practically dried up. 'When times are leaner, we lean into the long stays – six months, one-year, two-year stays. This gives our earnings profile a bit of stability,' he said. 'And when times are good, like last year, we lean into the shorter-stay segment (where) rates can be higher – and owners can benefit from that.' Although the tourism sector enjoyed a post-pandemic boost last year, Goh said it still remains to be seen how the US tariffs will have an impact on tourism and investment flows in Asia. In China where the domestic economy is strong, Ascott expects a steady long-stay business in 2025, even though the client structure in the country has evolved over the years. 'If you look at 20 years ago, I would say that 75 to 80 per cent of the residents that stayed with us were foreigners, but today (the Chinese) make up more than 90 per cent,' said Goh. According to media reports, the foreign workforce in China fell to 711,000 in 2023, from 845,000 in 2020 – the year the pandemic began. A similar localisation trend can be seen in different parts of South-east Asia. In Thailand, where half of all manufacturing is done by Japanese companies invested in the kingdom, the number of Japanese workers has fallen by 14.7 per cent to 70,421 in the three years to October 2024. This came about as more companies relied on local workers and dual-income Japanese couples chose not to move overseas, Nikkei Asia reported recently. Ascott has 31 properties in Thailand, mostly serviced apartments but also several hotels, and there are plans to open a new La Clef Bangkok by The Crest Collection in Bangkok later this year. Across South-east Asia, serviced apartments under Ascott's brands may benefit from more intra-regional trade and investment, in part from Chinese or other companies seeking to expand outside the China market. 'This trend actually started before Trump (launched his tariffs),' said Ascott chief commercial officer Tan Bee Leng at the same briefing. 'A lot of Chinese-based companies have been moving to Singapore to set up their international headquarters, and for them their focus is on the South-east Asian region. We will benefit from both the long-term and short-stay (guests),' she added. But whether that outflow from China to South-east Asia continues in the near future remains to be seen. Pavida Pananond, a professor of international business at Thammasat University in Bangkok, said that the threat of reciprocal US tariffs reduces Thailand's attractiveness in becoming the so-called 'China+1' alternative for foreign investors. 'If this direction continues, it will inevitably force the hands of US market-dependent multinationals into locating their production facilities more in the US, although it will not be that easy,' she added.
