Ascott forms alliance with major Indonesian developer

George Sell By George Sell
19 November 2018 | Updated 19 November 2018

Indonesia: Ascott has formed a strategic alliance with Ciputra Development Group (Ciputra).

Under the terms of the agreement, Ascott will manage serviced residences to be developed by Ciputra in Indonesia and China within the next five years. The 253-unit Citadines Sudirman Jakarta, the first property under the alliance, will open in 2021.

The alliance was signed at the opening ceremony of Ascott Sudirman Jakarta, a property which Ascott acquired from Ciputra in 2017. Since it first partnered Ciputra in 1996 for Somerset Grand Citra Jakarta, which is jointly owned with Ascott Residence Trust, Ascott has also acquired Ascott Kuningan Jakarta from Ciputra in 2014. In addition to Citadines Sudirman Jakarta, the newly opened Ascott Sudirman Jakarta and Ascott Kuningan are all located within Ciputra World - a mixed-use multiplex development in Jakarta's thriving Golden Triangle Central Business District.

Kevin Goh, Ascott's CEO, said: "Forming strategic cooperation with leading industry players continues to be a key growth strategy for Ascott, as it provides us with accelerated access to quality project pipeline. Having strong reputable partners speaks volume of the value Ascott brings, through our international network, strong brand reputation and dominant foothold in many key markets around the world. We will continue to work with our strategic partners to not only expand within their markets but also to extend their reach overseas."

This strategic alliance with Ciputra follows Ascott's recent partnership with TAUZIA Hotel Management, one of Indonesia's top five hotel operators. With these latest developments, Ascott achieved a record nine-fold increase in properties in Indonesia year-on-year. Its portfolio now stands at more than 130 serviced residences and business hotels with close to 22,000 units across 39 cities in Indonesia.

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