Ascott Strengthens Its Leadership Position In Malaysia And Indonesia With Two New Management Contracts

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CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has strengthened its leadership position in Malaysia and Indonesia with two new management contracts in Petaling Jaya, Malaysia and Jakarta, Indonesia

As foreign investments continue to increase in Malaysia and Indonesia, we expect strong demand for our serviced residences

CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has strengthened its leadership position in Malaysia and Indonesia with two new management contracts in Petaling Jaya, Malaysia and Jakarta, Indonesia. The 200-unit Somerset Damansara Uptown Petaling Jaya and the 187-unit Somerset Kencana Jakarta are slated to open in 2016 and 2014 respectively.

Ascott’s entry into the fast-developing Damansara Uptown in Petaling Jaya also extends the company’s footprint to a new city in Malaysia. With the addition of Somerset Damansara Uptown Petaling Jaya, Ascott remains the largest international serviced residence owner-operator in Malaysia with over 1,500 apartment units across 10 properties. Somerset Kencana Jakarta also reinforces Ascott’s leading position in Indonesia, with over 2,000 apartment units across 10 properties.

Mr Alfred Ong, Ascott’s Managing Director for Southeast Asia and Australia, said: “As foreign investments continue to increase in Malaysia and Indonesia, we expect strong demand for our serviced residences. By securing our 10th property in each country, we are able to reap greater economies of scale and position Ascott for further growth in both countries. Somerset Damansara Uptown Petaling Jaya is in a prime commercial district while Somerset Kencana Jakarta is in a popular residential area for expatriates. For both areas, there is no serviced residence in the vicinity of our new properties. To achieve our target of 14,000 apartment units in Southeast Asia and Australia, we will continue to look for growth opportunities in markets with strong potential for serviced residences.”

In addition to Somerset Damansara Uptown Petaling Jaya and Somerset Kencana Jakarta, Ascott has six new properties scheduled to open in Malaysia and Indonesia over the next three years. In Malaysia, the properties to be opened are Citadines Uplands Kuching (opening in 2012), Ascott Sentral Kuala Lumpur (2013) and Citadines D'Pulze Cyberjaya (2014). In Indonesia, the new properties slated to open are Citadines Rasuna Jakarta (2012), Citadines Kuta Bali (2012) and Ascott Kuningan Jakarta (2013).

Somerset Damansara Uptown Petaling Jaya

Somerset Damansara Uptown Petaling Jaya is located in Damansara’s main commercial district. The new serviced residence will be part of an integrated development that includes a 400,000 square feet retail mall and five commercial towers housing multinational corporations such as Deloitte, FedEx, L’Oreal, Lenovo, Symantec and Unisys. It is also close to Damansara Heights and Bandar Utama which are host to many Fortune 500 firms.

The property will offer a range of furnished studios, one- and two-bedroom apartments with fully-equipped kitchens. Guests will be able to enjoy facilities such as a gymnasium, swimming pool, restaurant and sky lounge. Business travellers will be able to make use of the business centre and a conference hall which can accommodate up to 900 people.

Somerset Kencana Jakarta

Nestled in the upscale residential district of Pondok Indah, Somerset Kencana Jakarta is situated along the main arterial road of Jalan Sultan Iskandar Muda. The serviced residence will be close to large shopping complexes such as Pondok Indah Mall 1 & 2, home to anchor tenants like Sogo Department Store, a multiplex cinema, various dining outlets and upscale designer boutiques such as Versace, Aigner and Hugo Boss. The property is also within walking distance to the nearby office towers with many multinational companies such as DBS, Ericsson and Suzuki.

Somerset Kencana Jakarta’s proximity to the British International School and Jakarta International School makes it an ideal serviced residence for families. The property will offer guests a choice of studios, one-, two- and three-bedroom apartments. Each furnished apartment comes with a fully-equipped kitchen and facilities include a swimming pool and a gymnasium.

About The Ascott Limited

The Ascott Limited is the world’s largest international serviced residence owner-operator with about 22,000 operating serviced residence units in key cities of Asia Pacific, Europe and the Gulf region, as well as over 6,000 units which are under development, making a total of more than 27,000 units.<

The company operates three brands – Ascott, Citadines and Somerset. Its portfolio spans over 70 cities across 20 countries, 14 of which are new cities in Ascott’s portfolio where its serviced residences are being developed.

Ascott, a wholly-owned subsidiary of CapitaLand Limited, is headquartered in Singapore. It pioneered Asia Pacific’s first international-class serviced residence in 1984. In 2006, it established the world’s first Pan-Asian serviced residence real estate investment trust, Ascott Residence Trust. Today, the company boasts a 27-year industry track record and serviced residence brands that enjoy recognition worldwide.

Recent awards include DestinAsian Readers’ Choice Awards 2011 ‘Best Serviced Residence in Asia Pacific’, TTG China Travel Awards 2011 ‘Best Serviced Residence Operator in China', Business Traveller UK Awards 2010 ‘Best Serviced Apartment Company’, Business Traveller Asia-Pacific Awards 2010 ‘Best Serviced Residence Brand’ and ‘Best Serviced Residence in Asia-Pacific’ and TTG Travel Awards 2010 ‘Best Serviced Residence Operator’.

About CapitaLand Group

CapitaLand is one of Asia’s largest real estate companies. Headquartered and listed in Singapore, the multi-local company’s core businesses in real estate, hospitality and real estate financial services are focused in growth cities in Asia Pacific and Europe.

The company’s real estate and hospitality portfolio, which includes homes, offices, shopping malls, serviced residences and mixed developments, spans more than 110 cities in over 20 countries. CapitaLand also leverages on its significant asset base, real estate domain knowledge, financial skills and extensive market network to develop real estate financial products and services in Singapore and the region.

The listed entities of the CapitaLand Group include Australand, CapitaMalls Asia, CapitaMall Trust, CapitaCommercial Trust, Ascott Residence Trust, CapitaRetail China Trust, CapitaMalls Malaysia Trust and Quill Capita Trust.

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