CapitaLand's Ascott gears up for Indonesian branch

Ascott Waterplace Surabaya will open 181 units.

According to a release, CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has clinched a management contract for its first Ascott-branded serviced residence in Surabaya.

The premier Ascott Waterplace Surabaya will offer 181 apartments when it opens in 2014. It will be Ascott’s third property in Surabaya, after Citadines Marvell Surabaya and Somerset Surabaya Hotel & Serviced Residence.

This also reinforces Ascott’s position as the largest international serviced residence owner-operator in Indonesia, with over 2,200 apartment units across 10 properties.

The management contract for Ascott Waterplace Surabaya is awarded to Ascott by the Pakuwon Group, one of the largest real estate developers in Indonesia. Mr Alexander Tedja, Founder of the Pakuwon Group, said: “We are pleased to strengthen our partnership with Ascott. This is the second property which Ascott is managing for the Pakuwon Group. The first is Somerset Berlian Jakarta which has been performing well and enjoying strong occupancy of over 80% since its launch. We will continue to leverage Ascott's award-winning expertise in managing serviced residences to enhance the value of our development. We look forward to many more fruitful years of partnership with Ascott ahead.”

Besides Ascott Waterplace Surabaya, Ascott will open Ascott Kuningan Jakarta and Citadines Rasuna Jakarta in 2013, Somerset Kencana Jakarta in 2014 as well as Citadines Marvell Surabaya in 2015. Ascott currently manages Ascott Jakarta, Somerset Berlian Jakarta, Somerset Grand Citra Jakarta, Somerset Surabaya Hotel & Serviced Residence and Countrywoods Residences in Jakarta.