CapitaLand‘s first integrated development in Indonesia, The Stature Jakarta, is on track for completion by end 2020 at a total development cost of approximately S$220 million.

It further expands its presence in Indonesia by investing S$74.3 million in a 192-unit serviced residence, Ascott Sudirman Jakarta, through CapitaLand’s wholly owned serviced residence business unit, The Ascott Limited.

Together, this represents an investment of approximately S$300 million in south-east Asia’s largest economy.

Ronald Tay, chief executive of CapitaLand Singapore, who also oversees the Indonesia market, said: “CapitaLand has a 22-year track record in Indonesia which has delivered to-date 16 serviced residences and now, an upcoming integrated development is on track for completion in phases by end 2020.

“As a pioneer of integrated developments, CapitaLand can leverage strong capabilities across our shopping mall, serviced residence, office and home businesses to create premium quality developments where customers can live, work and play.

“We have identified Indonesia, the largest economy in Southeast Asia, as one of the growth markets for CapitaLand.

“Indonesia’s real estate market is underpinned by sound fundamentals such as the country’s steady economic growth, rapid urbanisation, increasing domestic consumption, a rising affluent middle class and a young population.

“We will continue to explore opportunities to grow CapitaLand’s presence in the country.”

Located near the heart of Central Jakarta’s commercial and lifestyle district, The Stature Jakarta is jointly developed by CapitaLand and local developer Credo Group, through a 50:50 joint venture formed in 2014.

Spanning a total gross floor area of approximately 55,500 square metres, the development comprises Stature Residences, a luxurious 29-storey residential tower with 96 exclusive units; Ascott Menteng Jakarta, a 24-storey premium serviced residence tower; Stature Tower, a 20-storey office building designed to Grade A specifications; as well as lifestyle retail outlets.

Tay added: “CapitaLand sees Indonesia as a growth market with vast potential for our first integrated development.

“The Stature Jakarta enjoys a prime, strategic location nestled amidst embassies, renowned civic buildings and affluent residential neighbourhoods.

“The coveted address of The Stature Jakarta near the upmarket Menteng area, will appeal to multinational corporations seeking quality office spaces and premium serviced accommodation for expatriates, while the luxurious Stature Residences will offer homebuyers breath-taking city views extending towards the National Monument of Indonesia and the city’s CBD.”

Through Ascott’s global serviced residence fund with Qatar Investment Authority, CapitaLand is also acquiring a serviced residence to be named Ascott Sudirman Jakarta on a turnkey basis.

It is Ascott’s sixth serviced residence within Jakarta’s thriving Golden Triangle.

Slated to open in 2018, Ascott Sudirman Jakarta is close to completion and is developed by Ciputra Development Group, one of the largest property firms in Indonesia.

In addition, Ascott secured a contract to manage the 230-unit Citadines Canggu Bali that is scheduled to open in 2020.

With the addition of Ascott Sudirman Jakarta, Citadines Canggu Bali, as well as Somerset Sudirman Jakarta in July, Ascott has expanded its portfolio in Indonesia by close to 600 units this year; further strengthening its leadership position as the largest serviced residence operator in Indonesia.

Since Ascott’s entry into Indonesia more than 20 years ago, Ascott has built a strong presence with eight operating serviced residences in Jakarta, Bali, Makassar and Surabaya.