Ascott announces Jakarta serviced apartment investment

George Sell By George Sell
06 September 2017 | Updated 06 September 2017

Indonesia: Ascott has announced plans for a S$74.3 million 192-unit serviced residence in Jakarta.

Ascott Sudirman Jakarta will be acquired through Ascott's global serviced residence fund with Qatar Investment Authority (QIA).  It is Ascott's sixth serviced residence within Jakarta's Golden Triangle.  Scheduled to open in 2018, Ascott Sudirman Jakarta is close to completion and is developed by Ciputra Development Group, one of the largest property firms in Indonesia. 

Ascott has 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.
 
Lee Chee Koon, Ascott's CEO, 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."

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."

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