KUALA LUMPUR; EXSIM Hospitality Bhd (EHB) is broadening its property investment footprint in Perak with a new development comprising 420 serviced apartments and four retail units.

The company has signed a Memorandum of Understanding (MoU) with EXSIM Ipoh City Sdn Bhd, a member of EXSIM, which has also entered into a Joint Venture Agreement (JVA) with Liew Yin Yin Land Sdn Bhd (LYY) to develop 1.291 acres of prime land in Ipoh.

This strategic partnership underscores EHB's dedication to growth and innovation in the hospitality industry.

According to EHB, the serviced apartments will feature unit layouts ranging from 484 square feet to 904 square feet, offering diverse options for potential residents and visitors.

The initiative aims to enhance business prospects and support EHB's expansion into Ipoh city.

Upon project completion, EHB plans to leverage its expertise through its dynamic short-term rental brand, Mana Mana Hospitality (MMH).

MMH is set to oversee operations, aligning with its mission to deliver high-quality, customer-centric staycations. The brand employs placemaking principles to transform properties into stylish, aesthetically pleasing spaces tailored to vacationers' needs.

EHB remains optimistic about the development, noting Perak's appeal as a growing tourism destination. In 2024, the state welcomed 8.4 million tourists, a significant 135 per cent increase compared to the Visit Perak Year 2017 campaign.

Paramjit Singh, EHB's executive director, highlighted the significance of the MoU as a milestone in the company's hospitality journey.

"By aligning with EXSIM, we aim to bring sustainable and innovative solutions to the market, catering to the growing demand for premium accommodations and enhancing value for all stakeholders. Our commitment to excellence and strategic vision places us at the forefront of the hospitality industry," he said.

Meanwhile, Lim Aik Hoe, managing director of EXSIM, said the collaboration with LYY and EHB underscores the company's dedication to delivering transformative developments and contributing to the community by leveraging Ipoh's potential as a growing hub for tourism and business.

"Together, we are building a future-ready community that integrates accessibility, sustainability, and economic growth while contributing to the development of the hospitality and property sectors in the region," he said.