The Ascott Limited has formed a strategic alliance with Ciputra Development Group, one of Indonesia’s top property developers, to manage serviced residences in Indonesia and China within the next five years.
The first property announced under the alliance is the 253-unit Citadines Sudirman Jakarta, which is due to open in 2021.
The signing was held at the opening of the Ascott Sudirman Jakarta, a property Ascott acquired from Ciputra in 2017.
Ascott and Ciputra first partnered in 1996 and since then the serviced apartment company – part of Capitaland – has also acquired Ascott Kuningan Jakarta.
The new strategic alliance follows Ascott’s partnership with Tauzia Hotel Management, one of Indonesia’s top five hotel operators.
Ascott says it hopes to achieve a nine-fold increase in properties in Indonesia year on year. Its current portfolio stands at more than 130 serviced residences and business hotels, with nearly 22,000 units across 39 cities in Indonesia.
Kevin Goh, CEO of Ascott, commented: “Forming strategic cooperation with leading industry players continues to be a key growth strategy for Ascott, as it provides us with accelerated access to quality project pipeline. Having strong reputable partners speaks volume of the value Ascott brings, through our international network, strong brand reputation and dominant foothold in many key markets around the world. We will continue to work with our strategic partners to not only expand within their markets but also to extend their reach overseas.
“Indonesia is Southeast Asi’as largest economy, where we see huge potential for us to expand. The country is witnessing increasing economic activities, as well as infrastructure developments to improve travel connectivity, driving demand for quality accommodation. We will continue to bolster Ascott’s position as the largest international lodging player in Indonesia through investment, strategic alliances, management contracts and franchises as we work towards our global target of 160,000 units by 2023.”