KUALA LUMPUR (Aug 7): EXSIM Hospitality Bhd’s (KL:EXSIMHB) subsidiary, Mana Mana Hospitality (MMH), has secured a management agreement for 395 serviced apartment units at The Stallionz @ Ipoh White Times Square under an 80/20 revenue-sharing scheme, according to a statement on Aug 3.

MMH operates the units under a three-year service and management agreement rather than a leaseback scheme.

Under the commercial structure, net rental revenue is split between the unit owner and MMH on an 80:20 basis.

The development, which was launched in 2022, carries a gross development value of RM194.24 million. Serviced apartment units within the development are priced at RM445,300.

MMH manages day-to-day operations, including property maintenance, housekeeping, room revenue generation, marketing, reservations, and guest services.

Daily room rates for the units are dynamic, averaging between RM180 and RM300 per night based on seasonality and occupancy levels.

Property owners remain responsible for ongoing upkeep, with maintenance fees inclusive of sinking fund contributions set at 55 sen psf.

MMH’s managing director Debbie Leow said: "As we continue to grow our presence, we remain committed to creating stays that celebrate local culture, embrace the character of each destination, and leave guests with memorable experiences that inspire them to return."

Founded in 2016, MMH manages over 30 properties nationwide.