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Ascott to manage Ciputra's serviced residences for five years

Staff Writer
·Editorial team
Ervin Yeo, Ascott’s Regional General Manager for Singapore, Malaysia and Indonesia (left, seated) and Artadinata Djangkar, Senior Director of Ciputra (right, seated), inking the agreement at the opening ceremony of Ascott Sudirman Jakarta. (Photo: Ascott)
Ervin Yeo, Ascott’s Regional General Manager for Singapore, Malaysia and Indonesia (left, seated) and Artadinata Djangkar, Senior Director of Ciputra (right, seated), inking the agreement at the opening ceremony of Ascott Sudirman Jakarta. (Photo: Ascott)

The Ascott has signed an agreement with Ciputra Development Group to manage its serviced residences in Indonesia and China over the next five years.

The 253-unit Citadines Sudirman Jakarta, the first property under the alliance, will open in 2021, according to a statement on Monday (19 November). CapitaLand’s serviced residence unit had also acquired Ascott Kuningan Jakarta from Ciputra in 2014 since it first partnered with the Indonesian property developer in 1996 for Somerset Grand Citra Jakarta, which is jointly owned with Ascott Residence Trust.

The alliance was signed on Monday at the opening ceremony of Ascott Sudirman Jakarta, a 192-unit serviced residence property, which Ascott acquired from Ciputra in 2017.

Ascott also recently signed a partnership with Tauzia Hotel Management, one of Indonesia’s top five hotel operators. These partnerships have helped Ascott grow its portfolio to over 130 serviced residences and business hotels with about 22,000 units across 39 cities in Indonesia.