Published on : Monday, November 19, 2018
CapitaLand’s wholly owned lodging business unit, The Ascott Limited , has formed a strategic alliance with one of Indonesia’s top property developers – Ciputra Development Group . Under the alliance, 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 inked today at the opening ceremony of Ascott Sudirman Jakarta, a property which Ascott acquired from Ciputra in 2017; celebrating in part Ascott’s longstanding partnership with Ciputra. 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.
Mr Kevin Goh, Ascott’s Chief Executive Officer, 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.”