Ascott Increases Presence In Indonesia With First Citadines Apart'hotel In Surabaya

CapitaLand's wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has secured a new management contract for its first Citadines Apart'hotel in Surabaya, Indonesia. The 288-unit Citadines Marvell Surabaya is scheduled to open in 2014. This reinforces Ascott's position as the largest international serviced residence owner-operator in Indonesia, with over 2,100 apartment units across 10 properties.

Mr Alfred Ong, Ascott's Managing Director for Southeast Asia and Australia, said: "Ascott has built a strong presence in Indonesia since we opened our first property in Jakarta in 1995. With Indonesia's resilient economy and increasing foreign direct investment into the country, we see tremendous opportunities to expand in Indonesia and introduce our Citadines brand in Surabaya."

"Surabaya, Indonesia's second largest city, has a thriving seaport and burgeoning industrial sector. Surabaya is also an up-and-coming city for meetings, incentives, conventions and exhibitions. It is a popular tourist destination with a strong domestic travel market. With Citadines Marvell Surabaya, we will be able to tap on the growing segment of savvy independent travellers who want the flexibility to choose the services they desire to create their unique stay experience. Besides Citadines Marvell Surabaya, Ascott will open four more properties in Indonesia by 2014, including two Citadines, in Bali and Jakarta, in the second half of 2012," Mr Ong added.

Conveniently situated in the business district of Ngagel, Citadines Marvell Surabaya will be close to shopping malls and the Surabaya Industrial Area Rungkut, where many manufacturing factories are located.

Citadines Marvell Surabaya will be part of an integrated development named Marvell City, which offers a multitude of shopping, dining and entertainment options. These include specialty restaurants and bars with alfresco dining, a supermarket, a cinema and other retail outlets. The development will also house commercial towers, educational institutions, as well as ballroom and banquet facilities.

Citadines Marvell Surabaya offers business and leisure travellers a choice of studios, one- and two-bedroom apartments. Each furnished apartment comes with a fully-equipped kitchen, ensuite bathroom, separate work and sleeping areas and other modern amenities. Facilities in the 12-storey serviced residence include a swimming pool and residents' lounge.

Besides Citadines Marvell Surabaya, Ascott will open Citadines Kuta Bali and Citadines Rasuna Jakarta in 2012, Ascott Kuningan Jakarta in 2013 and Somerset Kencana Jakarta in 2014. Ascott currently manages Ascott Jakarta, Somerset Berlian Jakarta, Somerset Grand Citra Jakarta, Somerset Surabaya Hotel & Serviced Residence and Countrywoods Residences.

About The Ascott Limited

The Ascott Limited (http://www.the-ascott.com/) is the world's largest international serviced residence owner-operator with about 22,000 operating serviced residence units in key cities of Asia Pacific, Europe and the Gulf region, as well as over 7,000 units which are under development, making a total of more than 29,000 units.

The company operates three brands – Ascott (http://www.the-ascott.com/index.html), Citadines (http://www.citadines.com/) and Somerset (http://www.somerset.com/). Its portfolio spans over 70 cities across more than 20 countries, 15 of which are new cities in Ascott's portfolio where its serviced residences are being developed.

Ascott, a wholly-owned subsidiary of CapitaLand Limited, is headquartered in Singapore. It pioneered Asia Pacific's first international-class serviced residence in 1984. In 2006, it established the world's first Pan-Asian serviced residence real estate investment trust, Ascott Residence Trust. Today, the company boasts a 28-year industry track record and award-winning serviced residence brands that enjoy recognition worldwide.

Recent awards include DestinAsian Readers' Choice Awards 2011 'Best Serviced Residence in Asia Pacific', Business Traveller Asia-Pacific Awards 2011 'Best Serviced Residence Brand' and 'Best Serviced Residence in Asia-Pacific', Business Traveller UK Awards 2011 'Best Serviced Apartment Company', TTG Travel Awards 2011 'Best Serviced Residence Operator' and TTG China Travel Awards 2011 'Best Serviced Residence Operator in China'.

About CapitaLand Group

CapitaLand is one of Asia's largest real estate companies. Headquartered and listed in Singapore, the multi-local company's core businesses in real estate, hospitality and real estate financial services are focused in growth cities in Asia Pacific and Europe.

The company's real estate and hospitality portfolio, which includes homes, offices, shopping malls, serviced residences and mixed developments, spans more than 110 cities in over 20 countries. CapitaLand also leverages on its significant asset base, real estate domain knowledge, financial skills and extensive market network to develop real estate financial products and services in Singapore and the region.

The listed entities of the CapitaLand Group include Australand, CapitaMalls Asia, CapitaMall Trust, CapitaCommercial Trust, Ascott Residence Trust, CapitaRetail China Trust, CapitaMalls Malaysia Trust and Quill Capita Trust.