SJIC, Oakwood to build serviced apartments in IDR jointly

KUALA LUMPUR: South Johor Investment Corporation Bhd’s (SJIC) project development vehicle Kota Selat Tebrau (KST) is partnering Oakwood Asia Pacific Pte Ltd for the first serviced apartments project in the Iskandar Development Region (IDR).

The development of the Oakwood Residence Johor, located in in Danga Bay, Johor Bahru, will take up one 22-storey tower with 235 serviced apartments priced at RM900,000 per unit.

The development is part of a larger residential project that comprises a podium and two other towers of 40 storeys. Construction of the three residential towers is due to begin in April.

“At KST, we are looking forward to rolling out developments in Danga Bay in 2008. We foresee that Iskandar (IDR) will grow to be a regional destination and will be an important market for the region with continuous influx of global visitors seeking to either set up their businesses or expand existing operations,” KST director Arlida Ariff said in a statement yesterday

“Being a luxury brand and located at Danga Bay, Oakwood Residence Johor will provide targeted international travellers an alternative to four- and five-star hotels,” he added.

Commenting on the partnership, Oakwood Asia Pacific managing director PG Matthew said: “Oakwood Residence Johor will set new standards of serviced accommodation in Johor and will be positioned to cater to the short and extended stay needs of executives from multinational corporations and expatriates relocating to the city.”