CapitaLand‘s first integrated development in Indonesia, The Stature Jakarta is on track for completion by end 2020 at a total development cost of approximately S$220 million. It further expands its presence in Indonesia by investing S$74.3 million in a 192-unit serviced residence, Ascott Sudirman Jakarta, through CapitaLand’s wholly owned serviced residence business unit, The Ascott Limited (Ascott). Together, this represents an investment of approximately S$300 million in Southeast Asia’s largest economy.

Mr Ronald Tay, CEO of CapitaLand Singapore, who also oversees the Indonesia market, said: “CapitaLand has a 22-year track record in Indonesia which has delivered to-date 16 serviced residences and now, an upcoming integrated development is on track for completion in phases by end 2020. We have identified Indonesia, the largest economy in Southeast Asia, as one of the growth markets for CapitaLand. Indonesia’s real estate market is underpinned by sound fundamentals such as the country’s steady economic growth, rapid urbanisation, increasing domestic consumption, a rising affluent middle class and a young population. We will continue to explore opportunities to grow CapitaLand’s presence in the country.”

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Through Ascott’s global serviced residence fund with Qatar Investment Authority (QIA), CapitaLand is also acquiring a serviced residence to be named Ascott Sudirman Jakarta on a turnkey basis, slated to open in 2018. Ascott also secured a contract to manage the 230-unit Citadines Canggu Bali that is scheduled to open in 2020. With the addition of Ascott Sudirman Jakarta, Citadines Canggu Bali, as well as Somerset Sudirman Jakarta in July, Ascott has expanded its portfolio in Indonesia by close to 600 units this year; further strengthening its leadership position as the largest serviced residence operator in Indonesia.

Mr Tay added: “CapitaLand sees Indonesia as a growth market with vast potential for our first integrated development. The Stature Jakarta, jointly developed by CapitaLand and local developer Credo Group, enjoys a prime, strategic location nestled amidst embassies, renowned civic buildings and affluent residential neighbourhoods. The coveted address of The Stature Jakarta near the upmarket Menteng area, will appeal to multinational corporations seeking quality office spaces and premium serviced accommodation for expatriates, while the luxurious Stature Residences will offer homebuyers breathtaking city views extending towards the National Monument of Indonesia and the city’s CBD.”

Mr Lee Chee Koon, Ascott’s Chief Executive Officer, said:: “We see huge potential for us to grow in Indonesia through our established Ascott, Citadines and Somerset brands as well as to bring our millennial brand, lyf, to the country. Indonesia remains a key market for us in Southeast Asia where we will continue to expand.”

Ascott has built a strong presence with eight operating serviced residences in Jakarta, Bali, Makassar and Surabaya. Ascott plans to open six more serviced residences in Jakarta, Bandung, Karawang and Yogyakarta in the next few years. They are Ascott Menteng Jakarta, Somerset Kencana Jakarta, Somerset Sudirman Jakarta, Citadines Kings Bandung, Citadines Festive Walk Karawang and Citadines Punaka Yogyakarta. 

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