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Two new management contracts

Ascott strengthen its leadership position in Malaysia and Indonesia

CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has strengthened its leadership position in Malaysia and Indonesia with two new management contracts in Petaling Jaya, Malaysia and Jakarta, Indonesia. The 200-unit Somerset Damansara Uptown Petaling Jaya and the 187-unit Somerset Kencana Jakarta are slated to open in 2016 and 2014 respectively.

Ascott’s entry into the fast-developing Damansara Uptown in Petaling Jaya also extends the company’s footprint to a new city in Malaysia. With the addition of Somerset Damansara Uptown Petaling Jaya, Ascott remains the largest international serviced residence owner-operator in Malaysia with over 1,500 apartment units across 10 properties. Somerset Kencana Jakarta also reinforces Ascott’s leading position in Indonesia, with over 2,000 apartment units across 10 properties.

Mr Alfred Ong, Ascott’s Managing Director for Southeast Asia and Australia, said: “As foreign investments continue to increase in Malaysia and Indonesia, we expect strong demand for our serviced residences. By securing our 10th property in each country, we are able to reap greater economies of scale and position Ascott for further growth in both countries.

Somerset Damansara Uptown Petaling Jaya is in a prime commercial district while Somerset Kencana Jakarta is in a popular residential area for expatriates. For both areas, there is no serviced residence in the vicinity of our new properties. To achieve our target of 14,000 apartment units in Southeast Asia and Australia, we will continue to look for growth opportunities in markets with strong potential for serviced residences.”

In addition to Somerset Damansara Uptown Petaling Jaya and Somerset Kencana Jakarta, Ascott has six new properties scheduled to open in Malaysia and Indonesia over the next three years. In Malaysia, the
properties to be opened are Citadines Uplands Kuching (opening in 2012), Ascott Sentral Kuala Lumpur (2013) and Citadines D’Pulze Cyberjaya (2014). In Indonesia, the new properties slated to open are Citadines Rasuna Jakarta (2012), Citadines Kuta Bali (2012) and Ascott Kuningan Jakarta (2013).

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Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales. She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.