Singapore-based CapitaLand’s premier integrated development in Indonesia, The Stature Jakarta, is scheduled to be completed by the end of 2020, at a total development cost of approximately $164.4 million.
The brand is delving deeper into the Indonesian market by investing $55.5 million in a 192 unit serviced residence, Ascott Sudirman Jakarta. In total, the two projects represent an investment of approximately $224 million in Southeast Asia’s largest economy.
CEO, CapitaLand Singapore, Ronald Tay declared: “CapitaLand has a 22-year track record in Indonesia which has delivered to-date 16 serviced residences and now, an upcoming integrated development is on track for completion in phases by end 2020. As a pioneer of integrated developments, CapitaLand can leverage strong capabilities across our shopping mall, serviced residence, office and home businesses to create premium quality developments where customers can live, work and play.
“We have identified Indonesia, the largest economy in Southeast Asia, as one of the growth markets for CapitaLand. Indonesia’s real estate market is underpinned by sound fundamentals such as the country’s steady economic growth, rapid urbanisation, increasing domestic consumption, a rising affluent middle class and a young population. We will continue to explore opportunities to grow CapitaLand’s presence in the country,” he concluded.
The Stature Jakarta is located in Central Jakarta’s commercial and lifestyle district, comprising Stature Residences, a 29-story tower with 96 exclusive units; Ascott Menteng Jakarta, a 24-storey premium serviced residence tower; Stature Tower, a 20-storey office building designed to Grade A specifications; as well as lifestyle retail outlets.
CapitaLand is also to acquire a serviced residence by the name of Ascott Sudirman Jakarta, via Ascott’s global serviced residence fund with Qatar Investment Authority (QIA). The property is scheduled to launch in 2018, and is being developed by Indonesia-based Ciptura Development Group.