SINGAPORE: The Ascott Limited, the lodging business unit of CapitaLand Investment, has signed an agreement to manage the hotel component of Coronation Square, a RM5 billion (S$1.5 billion) integrated development in Johor Bahru’s Ibrahim International Business District (IIBD).
The deal, inked on Friday (Aug 8) with Malaysian developer Coronade Properties, marks the first major hospitality partnership since the establishment of the Johor-Singapore Special Economic Zone (JS-SEZ) in January 2025. The IIBD is located within the JS-SEZ, which aims to strengthen economic collaboration between the two countries.
Kevin Goh, chief executive of The Ascott Limited and Lodging at CapitaLand Investment, said the project “reflects the increasing momentum behind cross-border collaboration and our confidence in the region’s growth potential.”
Singapore’s Minister of State for Trade and Industry Alvin Tan, who attended the signing ceremony, highlighted that the JS-SEZ offers a compelling proposition for global investors by combining Singapore’s strengths in research, development, and finance with Johor’s growing talent pool and resource base.
The five-star Ascott Coronation Square Johor Bahru will occupy Tower 1 of the development and feature 207 rooms. Scheduled to open in the second half of 2029, the property will cater to growing demand from increased cross-border business, tourism, and investment activities. Planned facilities include all-day dining restaurants, a swimming pool, fitness centre, residents’ lounge, and meeting rooms.
The hotel marks the Ascott brand’s debut in Johor Bahru and its sixth property in Malaysia. The group currently has over 40 operating and pipeline properties in the country.
Coronation Square sits on a 3.9-hectare site owned by Coronade Properties and will comprise hotel, medical, office, and residential components, along with a 1.2 million sq ft shopping mall. Construction of Coronation Square Mall will begin in 2026 and is slated for completion by 2030. The development will also include a basement parking facility with about 4,500 bays, 700 of which will be reserved for users of the upcoming Rapid Transit System (RTS) link between Singapore and Johor Bahru.
