Ascott Strengthens Presence in Indonesia with First Ascott-Branded Serviced Residence in Surabaya

CapitaLand's wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has clinched a management contract for its first Ascott-branded serviced residence in Surabaya. The premier Ascott Waterplace Surabaya will offer 181 apartments when it opens in 2014. It will be Ascott's third property in Surabaya, after Citadines Marvell Surabaya and Somerset Surabaya Hotel & Serviced Residence. This also reinforces Ascott's position as the largest international serviced residence owner-operator in Indonesia, with over 2,200 apartment units across 10 properties.

Mr Alfred Ong, Ascott's Managing Director for Southeast Asia and Australia, said: "Ascott sees tremendous growth potential in Indonesia, Southeast Asia's largest economy, which attracted a record foreign direct investment of S$7.2 billion in the third quarter of 2012. Besides having a strong foothold in Indonesia's capital of Jakarta, we are expanding our presence in Surabaya with our flagship Ascott brand. Surabaya is Indonesia's second largest city and home to the main seaport for the eastern part of the country. Its growing commercial, manufacturing and meetings and conventions sectors are attracting both international and domestic business travellers. The exclusive Ascott Waterplace Surabaya which offers luxurious accommodation, business support and personalised services, will complement our existing properties and cater to the rising demand for international-class accommodation in this city."

The management contract for Ascott Waterplace Surabaya is awarded to Ascott by the Pakuwon Group, one of the largest real estate developers in Indonesia. Mr Alexander Tedja, Founder of the Pakuwon Group, said: "We are pleased to strengthen our partnership with Ascott. This is the second property which Ascott is managing for the Pakuwon Group. The first is Somerset Berlian Jakarta which has been performing well and enjoying strong occupancy of over 80% since its launch. We will continue to leverage Ascott's award-winning expertise in managing serviced residences to enhance the value of our development. We look forward to many more fruitful years of partnership with Ascott ahead."

Besides Ascott Waterplace Surabaya, Ascott will open Ascott Kuningan Jakarta and Citadines Rasuna Jakarta in 2013, Somerset Kencana Jakarta in 2014 as well as Citadines Marvell Surabaya in 2015. Ascott currently manages Ascott Jakarta, Somerset Berlian Jakarta, Somerset Grand Citra Jakarta, Somerset Surabaya Hotel & Serviced Residence and Countrywoods Residences in Jakarta.

About Ascott Waterplace Surabaya
Ascott Waterplace Surabaya is strategically located within Pakuwon Indah, a township project developed by the Pakuwon Group in the western part of Surabaya. It is situated in an upmarket residential precinct, directly opposite the Supermall Pakuwon Indah, which houses convention halls, departmental stores, cineplex, supermarket and various dining outlets.

The 32-storey Ascott Waterplace Surabaya will provide business travellers a choice of one-, two- and three-bedroom apartments. Each spacious and luxuriously furnished apartment offers a fully-equipped kitchen, separate work and living areas and modern amenities such as home entertainment system and wireless Internet connectivity. Most apartments also come with their own private lift access. In addition, residents can enjoy facilities such as two outdoor swimming pools, a gymnasium and residents' lounge in the property.


About The Ascott Limited
The Ascott Limited is a Singapore company that has grown to be the world's largest international serviced residence owner-operator. It has over 22,000 operating serviced residence units in key cities of Asia Pacific, Europe and the Gulf region, as well as over 8,000 units which are under development, making a total of more than 30,000 units.

The company operates three brands – Ascott, Citadines and Somerset. Its portfolio spans over 70 cities across more than 20 countries, 14 of which are new cities in Ascott's portfolio where its serviced residences are being developed.

Ascott, a wholly-owned subsidiary of CapitaLand Limited, pioneered Asia Pacific's first international-class serviced residence with the opening of The Ascott Singapore 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.

Ascott's achievements have been recognised internationally. Recent awards include DestinAsian Readers' Choice Awards 2012 for 'Best Serviced Apartment', TTG Travel Awards 2012 for 'Best Serviced Residence Operator', TTG China Travel Awards 2012 for 'Best Serviced Residence Operator in China', Business Traveller Asia-Pacific Awards 2012 for 'Best Serviced Residence Brand' and 'Best Serviced Residence in Asia-Pacific', and Business Traveller UK Awards 2012 for 'Best Serviced Apartment Company'.

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.