Ascott awarded contract to manage 2nd Citadines serviced residence in I’sia

CapitaLand’s wholly-owned serviced residence business unit, The Ascott, said it has secured a contract to manage its second Citadines serviced residence in Indonesia.

The contract was awarded by state-owned enterprise P-T Hutama Karya Persero.

But it did not reveal to the value of the contract.

Called Citadines Jakarta Rasuna, the 135-unit property is scheduled for completion by next year.

It is located along the main arterial roads of Jakarta city centre and part of a 30-storey development known as The H Tower that also comprises offices, specialist clinics and premier medical care facilities.

Ascott said the new Citadines Jakarta Rasuna will ride on the burgeoning trend of medical tourism and caters to the needs of business travellers, expatriates and visitors.

With the latest launch, Ascott said its lead as the largest international serviced residence owner-operator in Indonesia will be reinforced.

Its operating apartments in the country will increase to over 1,600 units across eight properties.

Ascott’s managing director for Southeast Asia and Australia, Alfred Ong, said the company’s properties are performing well with an average occupancy of about 80 per cent.

Meanwhile, the first Citadines property in Indonesia, the 135- unit Citadines Jakarta Quartier, will open in the second half this year.

The Citadines name is a brand of European serviced apartments that Ascott acquired in 2004.

Source : Channel NewsAsia – 21 Apr 2010
Property