KUALA LUMPUR: The Ascott Ltd (Ascott), a wholly-owned serviced residence business unit by CapitaLand, has secured a management contract for a 200-unit serviced residence named Somerset Arcadia in East Malaysia.

With the management contract, Ascott will reinforce its lead as the largest international serviced residence owner-operator in Malaysia with over 2,300 apartment units across 11 blocks.

Somerset Arcadia Miri is situated within Arcadia Square that also comprises office and Victoria Plaza that will open in 2018. It is also near the Central Business District and strategically located in Marina ParkCity, which is home to the new Miri City Centre township.

The layout options include spacious studios and one- to three- bedroom apartments that come with a fully-equipped kitchen and separate work and sleeping areas. The facilities at the serviced residence include a gymnasium, business centre, resident’s lounge and swimming pool.

“Our first property in Miri is well-positioned to tap on the growing number of expatriates, business travellers and tourists in Malaysia’s petroleum hub. Miri is also a shopping and dining destination frequented by neighbouring Bruneians. Last year, 2.9 mil visitors travelled to Miri from Brunei, a 10% increment from 2.6 mil in 2013.

“The other major economic drivers of Miri include the timber, oil palm and shipbuilding industries which will generate demand for Somerset Arcadia,” said Ascott country general manager for Malaysia Philip Lim.

“Ascott has been expanding into high growth cities where strong foreign investment has generated a large demand for serviced residences. We have been in Malaysia for over a decade and will continue to seek opportunities to expand our network in Malaysia. This year, Ascott secure a contract to manage a serviced residence in Nusajaya and opened two new properties in Malaysia,” Lim added.

Besides Somerset Arcadia Miri, Ascott will open Somerset Medini Nusajaya in 2015, Somerset Damansara Uptown Petaling Jaya in 2016, Citadines Waterfront Kota Kinabalu in 2018 and Citadines Medini Nusajaya in 2019. Ascott currently operates Ascott Kuala Lumpur, Ascott Sentral Kuala Lumpur, Somerset Ampang Kuala Lumpur, Citadines DPulze Cyberjaya, Somerset Puteri Harbour Nusajaya and Citadines Uplands Kuching.