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Kota Selat Tebrau (KST) Inks LOI with Oakwood Asia Pacific to jointly develop first serviced apartments in Iskandar Development Region ("Iskandar")
Singapore, 20 February 2008 - Kota Selat Tebrau (KST) and Oakwood Asia Pacific Pte Ltd have signed a letter of intent to develop Oakwood Residence Johor. This partnership reflects Oakwood's global strategy to increase the number of its locations internationally and to serve clients and customers throughout the world.
The KST/Oakwood project provides extended-stay accommodations for business travelers or consumers in need of convenient and deluxe temporary living. The development comprises a podium and three (3) tower blocks of 22 to 40 storeys. Oakwood Residence Johor will occupy one of the three towers (22 storeys) which consist of approximately 235 dedicated serviced apartment units located at Danga Bay, Johor. The other two blocks of residential tower of 40 storeys known as Tower A and B, will feature fully equipped kitchens, broadband internet connectivity and 32-inch LCD screens. The construction of three residential towers is set to commence in April 2008.
Based on the letter of intent, the two parties will be entering into a Management Agreement, Offshore Technical Service and Marketing Agreement and Trademark License Agreement.
It is also intended for Oakwood to provide complete project oversight and management services, including pre-opening supervision. Oakwood will also look into the daily management, leasing and maintenance effort of the project.
KST Director Arlida Ariff and Oakwood Asia Pacific's Managing Director P.G. Mathew signed on behalf of their respective organizations.
At the signing ceremony, Arlida declared that KST is pleased to have Oakwood, the most trusted name in serviced apartments worldwide, as a partner. "At KST, we are looking forward to rolling out developments in Danga Bay in 2008. We foresee that Iskandar will grow to be a regional destination and will be an important market for the region with continuous influx of global visitors seeking to either set up their businesses or expand existing operations. Being a luxury brand and located at Danga Bay, Oakwood Residence Johor will provide target international travelers an alternative to four and five-star hotels," Arlida added.
Mr. P.G. Mathew, Managing Director of Oakwood Asia Pacific, add "We are delighted to partner with Kota Selat Tebrau on this exciting project. Oakwood Residence Johor will set new standards of serviced accommodation in Johor and will be positioned to cater to the short and extended stay needs of executives from multinational corporations and expatriates relocating to the city."
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About Oakwood Worldwide
Oakwood Worldwide is the global leader and most trusted provider of serviced apartments, with nearly 30,000 distinctive residences in the most desired locations throughout Asia, North America and Europe. Featuring an expansive portfolio of award-winning, luxurious residences virtually everywhere, Oakwood offers a full spectrum of housing solutions to meet the varying needs of today's personal and business travelers, delivered with a consistently rich standard of quality, reliability and value. Our focus and commitment to customer service makes us easy to do business with to fulfill your temporary housing needs.
A division of Oakwood Worldwide, Oakwood Asia Pacific manages Asia's finest serviced apartments for business and leisure travelers in China, India, Japan, Korea and Thailand. An additional 22 properties are scheduled to open within the next two years in strategic locations across Asia Pacific. Oakwood Asia Pacific operates properties under the following brands: Oakwood Premier, Oakwood Residence, Oakwood Apartments. And, coming soon, will be Oakwood Premier Resorts and Oakwood Resorts.
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