Published Sep 6, 2017, 9:18 AM SGT
SINGAPORE - CapitaLand announced on Wednesday (Sept 6) it is expanding its presence in Indonesia by investing S$74.3 million in a 192-unit serviced residence, Ascott Sudirman Jakarta, through its wholly owned unit, The Ascott Ltd.
The acquisition, which is on a turnkey basis, will be carried out through Ascott's global serviced residence fund with Qatar Investment Authority (QIA).
Developed by Ciputra Development Group, the project is Ascott's sixth serviced residence within Jakarta's Golden Triangle and is slated to open in 2018.
Ascott also secured a contract to manage the 230-unit Citadines Canggu Bali that is scheduled to open in 2020.
With the addition of Ascott Sudirman Jakarta, Citadines Canggu Bali, as well as Somerset Sudirman Jakarta in July, Ascott said it has expanded its portfolio in Indonesia by close to 600 units this year.
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