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CapitaLand's Ascott buys Jakarta serviced residence for S$90m

It is also taking its Ascott brand to Vietnam and opening its first property in Laos

Published Thu, Dec 4, 2014 · 09:50 PM

Singapore

CAPITALAND'S The Ascott is buying a newly-opened serviced residence in Jakarta for S$90 million, taking its Ascott brand to Vietnam and opening its first property in Laos.

Ascott has signed a conditional agreement with a subsidiary of its long-time Indonesian partner, Jakarta-listed PT Ciputra Property Tbk, to buy the 185-unit Ascott Kuningan Jakarta, which it already manages. It expects the property to be handed over in the second quarter of 2015.