CapitaLand announces $300 million investment in Jakarta
By Timothy Tay
/ EdgeProp |
On Sept 6, CapitaLand announced that its first integrated development in Indonesia, The Stature Jakarta, is on track for completion by end 2020 at a total development cost of S$220 million.
Located near 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.
The Stature Jakarta
Credit: CapitaLand
According to CapitaLand, the development spans a total gross floor area of approximately 55,500 sq m. It comprises Stature Residences, a 29-storey residential tower with 96 units; Ascott Menteng Jakarta, a 24-storey premium serviced residence tower; Stature Tower, a 20-storey Grade A office building; as well as lifestyle retail outlets.
The Stature Jakarta is in a prime, strategic location close to embassies, civic buildings, and affluent residential neighbourhoods, says Ronald Tay, CEO of CapitaLand Singapore. Being close to the upmarket Menteng area, it will appeal to multinational corporations seeking quality office space and premium accommodation for expatriates.
CapitaLand is further expanding its presence in Indonesia by investing $74.3 million in a 192-unit serviced residence, Ascott Sudirman Jakarta, through its wholly-owned subsidiary The Ascott Limited. The property was acquired on a turnkey basis through Ascott’s global serviced residence fund with Qatar Investment Authority.
Slated to open in 2018, Ascott Sudirman Jakarta is developed by Ciputra Development group, one of the largest property developers in Indonesia. Additionally, Ascott has secured a contract to manage the 230-unit Citadines Canggu Bali that is scheduled to open in 2020.
With the Ascott Sudirman Jakarta, Citadines Canggu Bali, and Somerset Sudirman Jakarta in July, Ascott has expanded its portfolio in Indonesia by close to 600 units this year; strengthening its leadership position in Indonesia as the largest serviced residence operator.
The Stature Jakarta and Ascott Sudirman Jakarta represent total investments of approximately $300 million by CapitaLand in Indonesia.
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