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Singapore-based CapitaLand is on track to complete its first integrated development in Indonesia, The Stature Jakarta (pictured), by end 2020.
With a total gross floor area of around 55,500 sq m, The Stature Jakarta comprises a 29-storey luxury residential tower called Stature Residences, a 24-storey serviced residence tower, a 20-storey Grade A office building and retail outlets.
The $220 million project, which is jointly developed by CapitaLand and local developer Credo Group, is located near central Jakarta’s commercial and lifestyle district.
“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 home buyers breath-taking city views extending towards the National Monument of Indonesia and the city’s CBD,” said CapitaLand Singapore CEO Ronald Tay.
In a bid to expand its presence in the country, CapitaLand via its wholly-owned serviced residence unit, The Ascott Limited, invested $74.3 million in a 192-unit serviced residence in Jakarta. Set to open in 2018, Ascott Sudirman Jakarta is the sixth serviced residence of Ascott within Jakarta’s Golden Triangle.
Ascott also secured a contract to manage the Citadines Canggu Bali, which is slated to open in 2020.
“With the addition of Ascott Sudirman Jakarta, Citadines Canggu Bali, as well as Somerset Sudirman Jakarta in July, Ascott has expanded its portfolio in Indonesia by close to 600 units this year; further strengthening its leadership position as the largest serviced residence operator in Indonesia,” said CapitaLand.
Ascott is looking to open six more serviced residences in Bandung, Jakarta, Yogyakarta and Karawang over the next few years.
“They are Ascott Menteng Jakarta, Somerset Kencana Jakarta, Somerset Sudirman Jakarta, Citadines Kings Bandung, Citadines Festive Walk Karawang and Citadines Punaka Yogyakarta,” it noted.
Image source: CapitaLand
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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