KUALA LUMPUR (Jan 15): Exsim Ipoh City Sdn Bhd, a member of Exsim Group, has entered into a joint-venture agreement with Liew Yin Yin Land Sdn Bhd for the development of a 1.291-acre tract of land in Ipoh, according to a media statement on Wednesday.

At the same event, Exsim Hospitality Bhd (KL:EXSIMHB), previously known as Pan Malaysia Holdings Bhd, also signed a memorandum of understanding (MOU) with Exsim Ipoh City to manage the development, which has an estimated gross development value of RM230 million. It will comprise 420 serviced apartments units with built-ups ranging from 484 to 904 sq ft, as well as four retail units. 

Upon completion, Exsim Hospitality may leverage its expertise through its short-term rental hospitality brand, Mana Mana Hospitality, to manage the units. However, further details will be announced at a later date.

Exsim Hospitality executive director Paramjit Singh highlighted the significance of the MOU for the company as it solidifies their presence in the hospitality sector. 

"By aligning with Exsim Group, we aim to bring sustainable and innovative solutions to the market, catering to the growing demand for premium accommodations and enhancing value for all stakeholders. Our commitment to excellence and strategic vision places us at the forefront of the hospitality industry," he said in the statement.

Meanwhile, Liew Yin Yin Group Bhd group managing director Datuk Seri Don Liew Mun Hon said the joint venture with Exsim Group is a strategic partnership that strengthens core values and capabilities of both companies. "We believe that the value of the development with a strategic location will be maximised and become a new iconic landmark in the heart of the Ipoh city centre. We look forward to the successful completion of this project that will contribute and enhance Ipoh's tourism industry.”