CapitaLand's Ascott acquires Jakarta serviced residence for S$90 million

CAPITALAND said on Thursday morning that its serviced residence unit The Ascott Limited is acquiring the Ascott Kuningan Jakarta for S$90 million.

Ascott has signed a conditional agreement with PT Ciputra Adigraha, a subsidiary of Jakarta-listed PT Ciputra Property Tbk, to buy over the 185-unit serviced residence, which was recently opened.

Ascott has also secured a contract to manage the 222-unit Ascott Waterfront Saigon from Canh Hung Hai Thanh Corporation, an affiliate company under the management of developer MIK Corporation.

The river-front property located in downtown Ho Chi Minh City will be the first serviced residence in Vietnam to carry the Ascott brand. When it opens in 2016, it will be Ascott's 13th property in Vietnam.