Ascott to boost presence with Ciputra alliance

Singapore

CAPITALAND'S serviced residence arm, The Ascott, has formed a strategic alliance with Indonesian property developer Ciputra Development Group that will boost Ascott's pipeline as it manages serviced residences to be developed by Ciputra in Indonesia and China over the next five years.

The first property, the 253-unit Citadines Sudirman Jakarta, will open its doors in 2021. The alliance was signed at the opening ceremony of the Ascott Sudirman Jakarta, which Ascott acquired from Ciputra last year. Since partnering Ciputra in 1996 for the Somerset Grand Citra Jakarta, which is jointly owned with Ascott Residence Trust, Ascott has also acquired the Ascott Kuningan Jakarta from Ciputra in 2014.