The Ascott Limited (Ascott), the wholly-owned serviced residence unit of CapitaLand, has secured a management contract for the 181-unit Ascott Waterplace Surabaya (pictured) in Indonesia.
Set to open in 2014, the property will be Ascott’s third in Surabaya, after Citadines Marvell Surabaya and Somerset Surabaya Hotel & Serviced Residence.
“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,” said Alfred Ong, Managing Director for Southeast Asia and Australia at Ascott.
Complementing Ascott’s existing properties, the exclusive Ascott Waterplace Surabaya will offer luxurious accommodation and services as well as business support to its clients, added Ong.
The management contract was awarded by Indonesian developer Pakuwon Group.
Alexander Tedja, Founder of Pakuwon Group, said: “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 percent since its launch.”
The deal is expected to further strengthen Ascott’s leadership among international serviced residence owner-operators in Indonesia, with over 2,200 apartment units in 10 properties.
Romesh Navaratnarajah, Senior Editor of PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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