Ascott Forms Strategic Alliance with Ciputra, Indonesia’s Leading Developer

CapitaLand’s wholly owned lodging business unit, The Ascott Limited (Ascott), has formed a strategic alliance with one of Indonesia’s top property developers – Ciputra Development Group (Ciputra). Under the alliance, Ascott will manage serviced residences to be developed by Ciputra in Indonesia and China within the next five years. The 253unit Citadines Sudirman Jakarta, the first property under the alliance, will open in 2021. The alliance was inked at the opening ceremony of Ascott Sudirman Jakarta, a property which Ascott acquired from Ciputra in 2017; celebrating in part Ascott’s long standing 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. This strategic alliance with Ciputra follows Ascott’s recent partnership with TAUZIA Hotel Management (TAUZIA), one of Indonesia’s top five hotel operators. With these latest developments, Ascott achieved a record nine-fold increase in properties in Indonesia year-on- year, strengthening its position as the country’s largest lodging owner-operator. Its portfolio now stands at more than 130 serviced residences and business hotels with close to 22,000 units across 39 cities in Indonesia.