This article first appeared in The Edge Financial Daily, on October 1, 2015.

KUALA LUMPUR: Mah Sing Group Bhd’s first hotel, Ramada Encore Meridin in Medini, Iskandar Malaysia, Johor, has seen a take-up rate of 70% since its launch two weeks ago.

“We are very heartened by the strong response we received for Mah Sing Group’s Ramada Encore Meridin. These are the buyers who have registered their interest with us and picked their units during the two-day weekend event. With the momentum that we are currently receiving, we are confident that we are able to achieve [a] 100% take-up [rate] for this project,” said group managing director Tan Sri Sri Leong Hoy Kum in a press statement.

Ramada Encore Meridin, Tower C is part of phase 2 of the Meridin@Medini mixed-use development. The project sits on 3.3ha of land in Iskandar Malaysia, with a gross development value of RM1.4 billion. It is expected to be completed and operational in 2018.

The hotel will offer 322 apartment units with a choice of studio, one and two-bedroom units. The built-ups range from 318 to 885 sq ft and prices start from RM460,000.

Ramada Encore Meridin will be operated by Wyndham Hotel Asia Pacific. The partnership will license Meridin Hospitality Sdn Bhd to facilitate the branding of Meridin Hotel Suites.

According to Mah Sing, buyers were attracted to the guaranteed rental returns for the first three years offered by the project. Furthermore, the owners of the units will receive 70% profit-sharing and the other 30% by the operator for six years.

Meanwhile, Mah Sing will preview Savanna 2 in Southville City@KL South, Bangi, Selangor — serviced apartments indicatively priced from RM388,000 per unit and with built-ups ranging from 650 to 800 sq ft.

Other previews are the final two blocks of Lakeville Residence in Taman Wahyu, Kuala Lumpur, which are indicatively priced from RM653,000 and with built-ups ranging from 980 to 1,374 sq ft, and Ferringhi 2C in Penang, indicatively priced from RM846,000 and with built-ups ranging from 1,208 to 1,565 sq ft. — theedgeproperty.com