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.
Mr Alfred Ong, Ascott's Managing Director for Southeast Asia and Australia, said: "Ascott sees tremendous growth potential in Indonesia, Southeast Asia's largest economy, which attracted a record foreign direct investment of S$7.2 billion in the third quarter of 2012. Besides having a strong foothold in Indonesia's capital of Jakarta, we are expanding our presence in Surabaya with our flagship Ascott brand. Surabaya is Indonesia's second largest city and home to the main seaport for the eastern part of the country. Its growing commercial, manufacturing and meetings and conventions sectors are attracting both international and domestic business travellers. The exclusive Ascott Waterplace Surabaya which offers luxurious accommodation, business support and personalised services, will complement our existing properties and cater to the rising demand for international-class accommodation in this city."
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