23-07-2025
- Business
- New Straits Times
Ascott set to run residence in Johor's Coronation Square
JOHOR BARU: Coronade Properties Sdn Bhd and Singapore's Capital Tower Holdings are set to bring in The Ascott Limited into the Sultan Iskandar Business Centre — better known as Coronation Square — in a move to strengthen Johor as a key cross-border business hub.
It is learnt that Ascott will serve as the anchor serviced residence operator within Coronation Square, operating under the name The Ascott Coronation Square.
Sources familiar with the matter said that the two parties are expected to formalise their partnership early next month at Capital Tower's headquarters in Singapore.
Johor Menteri Besar Datuk Onn Hafiz Ghazi is scheduled to witness the event.
The development is part of the larger Ibrahim International Business District (IIBD), Johor's flagship urban regeneration project to catalyse cross-border commerce and economic growth.
Capital Tower Holdings, which is owned by CapitaLand Investment, currently manages over 950 properties worldwide under brands like The Ascott, Citadines, Somerset and Oakwood.
"Ascott will be the anchor serviced residence at Coronation Square, aligning premium hospitality with Johor's ambitions as a cross-border commerce gateway," the source said.
"This deal will position Ascott as the anchor serviced residence brand at Coronation Square, leveraging its global management expertise for Iskandar Malaysia's flagship commercial node," the source added.
Coronation Square is the first integrated development under the state government and Johor Corporation's IIBD blueprint.
The 101.2-hectare mixed-use district will feature retail malls, medical suites, office towers, serviced apartments and a hotel, all designed to create a future-ready urban ecosystem.
Coronade Properties aims to differentiate itself as an innovator in sustainable, future-ready real estate, with Coronation Square envisioned as a landmark mixed-use destination integrating commercial, hospitality and urban living components.
The Square is located strategically adjacent to the customs, immigration and quarantine (CIQ) complex and Causeway access, giving it appeal to Singapore-based business travellers and regional executives.
Industry analysts suggested that The Ascott tie-up may generate a cascade effect, boosting investor sentiment across other IIBD projects, including The Realm hotel, Sovereign Garden residences and The Vault office tower.
Earlier estimates indicated the IIBD cluster may contribute over RM9 billion in economic impact by 2028.
