KUALA LUMPUR: GSB Sentral Sdn Bhd, an associate company of Malaysian Resources Corporation Bhd (MRCB), has awarded a 15-year contract to manage a serviced residence in Kuala Lumpur Sentral to The Ascott Group Ltd.

MRCB holds 40% in GSB Sentral while the remaining 60% is held by the Gapurna Group. GSB Sentral is the developer of a RM460 million project called 348 Sentral that has 143 serviced residences and an office block.

GSB Sentral’s director Mohd Imran Salim said that 348 Sentral is due to be completed by 2013 and Shell Malaysia would be the anchor tenant for the office block.  

“We are confident of renting out the remaining 40% of the building to various kinds of businesses that are interested in our concept,” he told reporters after the signing ceremony between GSB Sentral and The Ascott yesterday.

348 Sentral is adopting green building features and is being positioned as a development that saves energy and is environmentally friendly.

The serviced residences range from studio units to three-bedroom units complete with a pool, restaurants, spa, gym, café lounges and car park bays.

Meanwhile, The Ascott Group aimed to expand its presence in Malaysia by doubling its properties under management to 1,000 units in 2013, said its managing director for Southeast Asia and Australia Alfred Ong.

The Ascott is an international serviced residence operator.


This article appeared in The Edge Financial Daily, November 11, 2009.