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CapitaLand progresses with S$220 million first integrated development and acquires prime serviced residence in Jakarta CBD

September 7, 2017 Serviced Apartments No Comments Email Email

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. As a pioneer of integrated developments, CapitaLand can leverage strong capabilities across our shopping mall, serviced residence, office and home businesses to create premium quality developments where customers can live, work and play. 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.”

Mr Lee Chee Koon, Ascott’s Chief Executive Officer, said: “Ascott is a market leader in Indonesia with a strong portfolio of 16 properties with close to 3,000 units across six cities. The supply of international-class serviced residences is lagging the rising demand from expatriates and travellers, as more multinational companies set up offices in Indonesia. The Indonesia government has finalised plans for a national rail network that will offer more seamless connection between cities, towns as well as industrial and tourism areas. Touted as the most extensive railway project in the country, it is expected to drive economic and tourism growth, and this will in turn generate demand for accommodation from business and leisure travellers.”

Mr Lee added: “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. Besides Indonesia, Ascott is also the largest serviced residence operator in five other Southeast Asian countries, namely Singapore, Malaysia, Vietnam, Philippines and Thailand. In 2017, we have added over 3,100 units across 13 properties in these six countries.”


Since Ascott’s entry into Indonesia more than 20 years ago, Ascott has built a strong presence with eight operating serviced residences in Jakarta, Bali, Makassar and Surabaya. Ascott has partnered Ciputra Development Group for Somerset Grand Citra Jakarta since 1996 followed by Ascott Kuningan Jakarta in 2014, and it has been getting increasing interest from other property owners to manage their properties. In addition to the two new properties, 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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