The Ascott Limited (Ascott) has expanded in Malaysia and Indonesia with the signing of management contracts for two new serviced residences in Petaling Jaya and Jakarta. 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 area of Petaling Jaya also extends the company’s footprint to a new city in Malaysia. The new property is part of an integrated development that includes a 37,000-square metre retail mall and five commercial towers. It will offer a range of furnished studios, one- and two-bedroom apartments with fully-equipped kitchens, while communal facilities include a gymnasium, swimming pool, restaurant, sky lounge, business centre and a conference hall which can accommodate up to 900 people.
With the addition of Somerset Damansara Uptown Petaling Jaya, Ascott cements its position as the largest international serviced residence owner-operator in Malaysia with more than 1,500 apartment units across 10 properties.
Somerset Kencana Jakarta also reinforces Ascott’s leading position in Indonesia, with in excess of 2,000 apartment units across 10 properties. Located 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 offers a range of studios, one-, two- and three-bedroom apartments, each furnished with a fully-equipped kitchen. Other facilities include a swimming pool and a gymnasium.
Alfred Ong, Ascott’s Managing Director for Southeast Asia & Australia, said; “As foreign investments continue to increase in Malaysia and Indonesia, we expect strong demand for our serviced residences. By securing our tenth 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).