Ascott Strengthens Presence In Indonesia With First Ascott-Branded Serviced Residence In Surabaya

CapitaLand's wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has clinched a management contract for its first Ascott-branded serviced residence in Surabaya. The premier Ascott Waterplace Surabaya will offer 181 apartments when it opens in 2014. It will be Ascott's third property in Surabaya, after Citadines Marvell Surabaya and Somerset Surabaya Hotel & Serviced Residence. This also reinforces Ascott's position as the largest international serviced residence owner-operator in Indonesia, with over 2,200 apartment units across 10 properties.

Mr Alfred Ong, Ascott's Managing Director for Southeast Asia and Australia, said: "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. Surabaya is Indonesia's second largest city and home to the main seaport for the eastern part of the country. Its growing commercial, manufacturing and meetings and conventions sectors are attracting both international and domestic business travellers. The exclusive Ascott Waterplace Surabaya which offers luxurious accommodation, business support and personalised services, will complement our existing properties and cater to the rising demand for international-class accommodation in this city."

The management contract for Ascott Waterplace Surabaya is awarded to Ascott by the Pakuwon Group, one of the largest real estate developers in Indonesia. Mr Alexander Tedja, Founder of the Pakuwon Group, said: "We are pleased to strengthen our partnership with Ascott. 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% since its launch. We will continue to leverage Ascott's award-winning expertise in managing serviced residences to enhance the value of our development. We look forward to many more fruitful years of partnership with Ascott ahead."

Besides Ascott Waterplace Surabaya, Ascott will open Ascott Kuningan Jakarta and Citadines Rasuna Jakarta in 2013, Somerset Kencana Jakarta in 2014 as well as Citadines Marvell Surabaya in 2015. Ascott currently manages Ascott Jakarta, Somerset Berlian Jakarta, Somerset Grand Citra

Jakarta, Somerset Surabaya Hotel & Serviced Residence and Countrywoods Residences in Jakarta.

About Ascott Waterplace Surabaya

Ascott Waterplace Surabaya is strategically located within Pakuwon Indah, a township project developed by the Pakuwon Group in the western part of Surabaya. It is situated in an upmarket residential precinct, directly opposite the Supermall Pakuwon Indah, which houses convention halls, departmental stores, cineplex, supermarket and various dining outlets.

The 32-storey Ascott Waterplace Surabaya will provide business travellers a choice of one-, two- and three-bedroom apartments. Each spacious and luxuriously furnished apartment offers a fully-equipped kitchen, separate work and living areas and modern amenities such as home entertainment system and wireless Internet connectivity. Most apartments also come with their own private lift access. In addition, residents can enjoy facilities such as two outdoor swimming pools, a gymnasium and residents' lounge in the property.

About The Ascott Limited

Since pioneering Asia Pacific's first international-class serviced residence with the opening of The Ascott Singapore in 1984, Ascott has grown to be a trusted hospitality company with more than 940 properties globally. Headquartered in Singapore, Ascott's presence extends across more than 220 cities in over 40 countries in Asia Pacific, Central Asia, Europe, the Middle East, Africa, and the USA.

Ascott's diversified accommodation offerings span serviced residences, co-living properties, hotels and independent senior living apartments, as well as student accommodation and rental housing. Its award-winning hospitality brands include Ascott, Citadines, lyf, Oakwood, Quest, Somerset, The Crest Collection, The Unlimited Collection, Preference, Fox, Harris, POP!, Vertu and Yello; and it has a brand partnership with Domitys. Through Ascott Star Rewards (ASR), Ascott's loyalty programme, members enjoy exclusive privileges and offers at participating properties.

A wholly owned business unit of CapitaLand Investment Limited, Ascott is a leading vertically-integrated lodging operator. Harnessing its extensive network of third-party owners and in-market expertise, Ascott grows fee-related earnings through its hospitality management and investment management capabilities. Ascott also expands its funds under management by growing its sponsored CapitaLand Ascott Trust and private funds.

For more information on Ascott's industry record of 40 years and its sustainability programme, please visit www.discoverasr.com/the-ascott-limited. Connect with us on Facebook, Instagram, TikTok and LinkedIn.

About CapitaLand Investment Limited

Headquartered and listed in Singapore, CapitaLand Investment Limited (CLI) is a leading global real estate investment manager (REIM) with a strong Asia foothold. As at 30 September 2023, CLI had S$133 billion of real estate assets under management, and S$90 billion of real estate funds under management (FUM) held via six listed real estate investment trusts and business trusts, and more than 30 private vehicles across Asia Pacific, Europe and USA. Its diversified real estate asset classes cover retail, office, lodging, business parks, industrial, logistics and data centres.

CLI aims to scale its FUM and fee-related earnings through fund management, lodging management and its full stack of operating capabilities, and maintain effective capital management. As the investment management arm of CapitaLand Group, CLI has access to the development capabilities of and pipeline investment opportunities from CapitaLand's development arm.

As a responsible company, CLI places sustainability at the core of what it does and has committed to achieve Net Zero carbon emissions for scope 1 and 2 by 2050. CLI contributes to the environmental and social well-being of the communities where it operates, as it delivers long-term economic value to its stakeholders.

Visit http://www.capitalandinvest.com/ for more information.