This will be Lanson Place's third property in Malaysia and form part of the Verticas Residenci development in Bukit Ceylon by Wing Tai Malaysia Bhd. The tower, to be managed by Lanson Place, is owned by Wing Tai Malaysia and Lanson Place's parent company, Wing Tai Properties Ltd. Wing Tai Properties is listed on the Hong Kong Stock Exchange.
The management company's senior vice-president Graeme Laird described the upcoming accommodation as "comfortable and chic" and said that it would have 150 keys with one- to three-bedroom units.
The property has set new standards in the serviced apartments as it has very large units, with a one- bedroom unit measuring 1,100 sq ft and larger ones reaching 2,000 sq ft.
When asked about return on investment for this property, Laird said: " We did not calculate the payback period. The expected gross rental yield in a stabilised year could reach more than 10 per cent. So this would be from year three of operation."
The Bukit Ceylon property hopes to garner an average of RM500 per night when it opens.
Meanwhile, its four-star Lanson Place Ambassador Row with 221 keys closed last year with an average room rate of RM207 and an occupancy of 72 per cent.
This year, it hopes to garner RM250 and fill 70 per cent of its room inventory.
It also operates 132 units in Lanson Place Kondominium No 8, which consists of purely residential apartments.
Where next in Malaysia for Lanson Place? Laird said it could be keen on Penang and Kota Kinabalu in Sabah if the right properties become available and the destinations can support high-end serviced apartments.
But its more immediate priority is to upgrade Lanson Place Ambassador Row in 2013 to lift the product and position it further up- market.
By Business Times
