CapitaLand’s US$222 Million Integrated Development Project to be Completed in 2020
CapitaLand, one of Asia’s largest real estate firms, has been working on its first integrated development in Indonesia. The project features the establishment of a large serviced residence operator, The Stature Jakarta, that is scheduled to be ready by the end of 2020. The Singapore-based real estate firm invested a large amount of budget in this project, with a total development cost of around US$163 million. CapitalLand further expanded its development by investing about US$55 million in Ascott Sudirman Jakarta, which features 192-unit serviced residences.
The CEO of CapitaLand Singapore, Ronald Tay, explains that Indonesia’s economic growth is the reason why the country is the ideal market for the leading real estate firm. “We have identified Indonesia, the largest economy in Southeast Asia, as one of the growth markets for CapitaLand. Indonesia’s real estate market is underpinned by sound fundamentals such as the country’s steady economic growth, rapid urbanization, increasing domestic consumption, a rising affluent middle class and a young population. We will continue to explore opportunities to grow CapitaLand’s presence in the country,” Tay said in a press statement.
The Stature Jakarta is located near Central Jakarta’s commercial and lifestyle district and is co- developed by CapitaLand and local developer Credo Group after signing a joint venture deal in 2014. The 55,500 square metre property features a luxury residence with 29-storey residential tower and 96 exclusive units; Ascott Menteng Jakarta, a 24-storey premium serviced residence tower; Stature Tower, a 20-storey office building; and a host of lifestyle retail outlets. Tay also said that The Stature Jakarta’s strategic location will most likely attract expatriates and other potential residents. “CapitaLand sees Indonesia as a growth market with vast potential for our first integrated development. The Stature Jakarta enjoys a prime, strategic location nestled amidst embassies, renowned civic buildings and affluent residential neighbourhoods. The coveted address of The Stature Jakarta near the upmarket Menteng area, will appeal to multinational corporations seeking quality office spaces and premium serviced accommodation for expatriates, while the luxurious Stature Residences will offer homebuyers breathtaking city views extending towards the National Monument of Indonesia and the city’s CBD.