Ascott inks deal with Malaysian developer Coronade Properties to manage hotel in Johor-Singapore SEZ
The 207-room hotel, Ascott Coronation Square Johor Bahru, is expected to open in the second half of 2029
[SINGAPORE] Ascott, the lodging business unit of CapitaLand Investment, will manage the hotel component in Coronation Square – a RM5 billion (S$1.5 billion) integrated development in Johor Bahru’s Ibrahim International Business District (IIBD).
The IIBD is located within the Johor-Singapore Special Economic Zone (JS-SEZ).
The agreement, signed on Friday (Aug 8) with Malaysian developer Coronade Properties, represents the first major hospitality partnership since the JS-SEZ pact between both countries in January 2025.
Kevin Goh, chief executive of The Ascott Limited and Lodging at CapitaLand Investment, said: “This project reflects the increasing momentum behind cross-border collaboration and our confidence in the region’s growth potential.”
Minister of State for Trade and Industry Alvin Tan, who attended the signing, said the JS-SEZ is an important value proposition for investors outside the Asean region, showcasing Singapore’s strengths as a global hub for research, development and finance with Johor’s growing talent and resource base.
The five-star hotel – Ascott Coronation Square Johor Bahru – will have 207 rooms in Tower 1 of the development. It will cater to the rising demand for hospitality services arising from increased cross-border business, tourism and investment activities, said Ascott.
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Scheduled to open in the second half of 2029, it will comprise facilities such as all-day dining restaurants, a swimming pool, fitness centre, residents’ lounge and meeting rooms.
The project will be the Ascott brand’s debut in Johor Bahru and its sixth property in Malaysia, where the group has more than 40 operating and pipeline properties.
Coronation Square – the development housing the hotel – sits on a 3.9-hectare plot owned by Coronade Properties. It comprises hotel, medical, office and residential components, as well as a 1.2 million square foot mall. Construction of the Coronation Square Mall will start in 2026, with completion slated for 2030. It also features a basement parking area with about 4,500 parking bays, including 700 reserved for users of the Rapid Transit System (RTS).
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Residential project Coronade Twins, located across Tower 7 and 8 in the development, is slated for launch in the fourth quarter of 2025.
Meanwhile, Tower 5’s Menara Bank Rakyat is completed and ready to be leased. The wellness centre in Tower 3 is 80 per cent completed, while condominium project The Coronade Residences in Tower 4 is 30 per cent completed.
The development is directly connected to the upcoming RTS station at Bukit Chagar and customs via a 210-metre elevated walkway.
Alinah Ahmad, Coronade Properties’ director of corporate relations, said: “As Coronation Square develops into a vibrant destination, this partnership marks an exciting new chapter in Johor’s hospitality and real estate landscape.”
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