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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).
Somerset Damansara Uptown Petaling Jaya
Somerset Damansara Uptown Petaling Jaya is located in Damansara’s main commercial district. The new serviced residence will be part of an integrated development that includes a 400,000 square feet retail mall and five commercial towers housing multinational corporations such as Deloitte, FedEx, L’Oreal, Lenovo, Symantec and Unisys. It is also close to Damansara Heights and Bandar Utama which are host to many Fortune 500 firms.
The property will offer a range of furnished studios, one- and two-bedroom apartments with fully-equipped kitchens. Guests will be able to enjoy facilities such as a gymnasium, swimming pool, restaurant and sky lounge. Business travellers will be able to make use of the business centre and a conference hall which can accommodate up to 900 people.
Somerset Kencana Jakarta
Nestled in the upscale residential district of Pondok Indah, Somerset Kencana Jakarta is situated along the main arterial road of Jalan Sultan Iskandar Muda. The serviced residence will be close to large shopping complexes such as Pondok Indah Mall 1 & 2, home to anchor tenants like Sogo Department Store, a multiplex cinema, various dining outlets and upscale designer boutiques such as Versace, Aigner and Hugo Boss. The property is also within walking distance to the nearby office towers with many multinational companies such as DBS, Ericsson and Suzuki.
Somerset Kencana Jakarta’s proximity to the British International School and Jakarta International School makes it an ideal serviced residence for families. The property will offer guests a choice of studios, one-, two- and three-bedroom apartments. Each furnished apartment comes with a fully-equipped kitchen and facilities include a swimming pool and a gymnasium.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
