Ride On The Growth Of Business Tourism and MICE in Malaysia
Malaysia is setting sights on the proliferating business tourism — which includes the MICE (Meetings, Incentives, Conference and Exhibitions) segment. The country has set a target that the MICE segment will account for 10-15% of overall tourism receipt by 2020, according to the Ministry of Tourism, Arts and Culture. Against this optimistic backdrop, there will be stronger demand for serviced residences from business travellers and leisure tourists for short and long stays.
Naza TTDI has recently introduced their latest development – Somerset KL Metropolis — the first Branded Serviced Residences in KL Metropolis. Somerset KL Metropolis is a 29-storey premium Branded Serviced Residences development comprised of 262 luxury units.
The units are fully furnished and come with three layouts offering built-up areas of 538 sq ft, 883 sq ft, 958 sq ft and 990 sq ft, respectively. This Branded Serviced Residences will be managed by the Ascott team, a leading international lodging owner-operator, upon its completion in 2022.
“Somerset KL Metropolis, located in a sought-after, mature and affluent location, provides a hassle-free ownership with its fully furnished units. It offers buyers the opportunity to generate rental income riding on the robust growth of business tourism,” said Marvin Tan, Business Development Manager at Hartamas Real Estate Sdn Bhd, the appointed sales and marketing agent for Somerset KL Metropolis.
KL Metropolis is expected to play an important role as a key area of growth in the business tourism sector, especially in the Klang Valley. Intended to be the most comprehensive MICE (Meetings, Incentives, Conference & Exhibitions) destination, KL Metropolis is a 75.5-acre mixed-use development with a GDV of RM20 billion. This lauded integrated hub is crafted to enhance the country’s position as the preferred business tourism destination in the region. The development combines residences, hotels, retail, entertainment attractions, a lifestyle mall and offices.
The anchor for the business tourism pillar of KL Metropolis is Malaysia International Trade and Exhibition Centre or better known as MITEC; the largest exhibition centre in Malaysia. MITEC is the first commercial component constructed at KL Metropolis boasting 1,000,000 sq ft of exhibition space, 11 exhibition halls and the largest pillar less exhibition hall in Malaysia (the size of two football fields), with the capacity of hosting 40,000 visitors per day.
With the addition of Somerset KL Metropolis, attending regional and global seminars, conferences, trade shows and events at MITEC will be even more seamless. Also, with the illustrious international schools nearby, it is anticipated that Somerset KL Metropolis will also be a popular address for multinational corporations looking to invest in residential options for their expatriate staff.
As the transformation of KL Metropolis into Malaysia’s MICE hub continues, demand for luxury serviced accommodation is set to be on the rise whilst attracting potential yields for investors. Somerset KL Metropolis represents a prime property acquisition opportunity to ride on the growth of KL’s booming business tourism and MICE sector.