CapitaLand, world leaders in the serviced residences game are increasing their presence.
CapitaLand’s presence is going from strength-to-strength in Indonesia. Capitalising on the growing economy, Indonesia has been ear marked by the Singaporean based firm. Expanding on their existence portfolio which includes their first serviced residences in Makassar, South Sulawesi, CapitaLand is upping their game in Jakarta too. Investing USD 74.3 million in the buzzing metropolis with a new serviced residence that has 192 units. Operating under the brand name ‘The Ascott’, this will be the sixth serviced residence and is named Ascott Sudirman Jakarta.
“We have identified Indonesia, the largest economy in Southeast Asia, as one of the growth markets for CapitaLand,” commented CEO of CapitaLand, Ronald Tay. “We will continue to explore opportunities to grow CapitaLand’s presence in the country.”
The global leaders in serviced residences will subsequently be adding just shy of 600 units to their books. These units come from Citadines Canggu in Bali, a recent acquisition that is due to operate in the next three years, as well as Somerset Sudirman Jakarta.
Serviced residences are big business in Asia. They offer guests a level of convenience that cannot be found should they rent an apartment or condominium. With hotel-like services but with more room than a standard hotel room, serviced residences are popular among business travellers and tourists alike.
One string to CapitaLand’s bow is The Stature Jakarta. Situated within Central Jakarta amongst the commercial and entertainment district, this mixed use scheme will also be home to Stature Residences. An exclusive residential project within a 29-storey tower. The serviced residences, called Ascott Menteng Jakarta, office space and retail units also make up this space.
