KUALA LUMPUR: CapitaLand Ltd’s wholly-owned subsidiary, Ascott Ltd, unveiled a 253-unit serviced residence in Kota Kinabalu, Sabah on Monday. It is part of a management contract with Titijaya Land Bhd.

“Many government institutions and international corporations, including banks, have set up branch offices in the Kota Kinabalu city [centre]. Kota Kinabalu is popular for meetings, conventions and exhibitions. We therefore expect strong accommodation demand from these sectors,” said Ascott Malaysia area manager Munwar Basha.

The Citadines Waterfront serviced residence has a gross development value of RM97 million. It offers studio, 1-, 2- and 3-bedroom units that come with fully-equipped kitchens, and with built-ups of between 376.7 sq ft and 1,076 sq ft. Residents will also have a great view of the South China Sea. Citadines Waterfront is scheduled for completion in 2018. Facilities include a swimming and wading pool, gym, roof garden, lounge and meeting rooms. It is part of an integrated development that includes a mall with a supermarket, food and beverage outlets, and offices.

The serviced apartments’ room rates and details on the retail and office components in the development have yet to be finalised.

Nearby amenities include the Kota Kinabalu Central Market and the KK Plaza mall.

After Citadines Waterfront, Ascott will launch three more serviced residences in Malaysia. These are Somerset Medini Nusajaya, Johor in 2015; Somerset Damansara Uptown in Petaling Jaya, Selangor in 2016; and Citadines Medini Nusajaya in 2019.

This article first appeared in The Edge Financial Daily, on April 17, 2015.