CapitaLand's The Stature Jakarta on track for completion by 2020

Real estate powerhouse CapitaLand is expanding its presence in Indonesia with the near-completion of the Stature Jakarta and the development of Ascott Sudirman Jakarta.

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A man passes a Capitaland logo outside an office building in the central business district in Singapore January 22, 2016 Reuters

Real estate powerhouse CapitaLand announced that its first integrated development in Indonesia, The Stature Jakarta, is on its way for completion by the end of 2020, with a total development cost of around S$200 million.

The Stature Jakarta is situated near the heart of the city-center's commercial and lifestyle district. Spanning 55,500 square meters, the development consists of a 29-storey luxury residential tower, a 20-storey office building, and retail outlets.

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According to a statement from CapitaLand Singapore CEO Ronald Tay, the group has a 22-year track record in Indonesia and has already delivered 16 service residences.

He mentioned that the upcoming integrated development will further boost its presence in the country. "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," he stated.

He furthered that Indonesia's real estate market is supported by sound vitals such as the country's resilient economic growth, rapid urbanisation, burgeoning affluent middle class, and an increasing domestic consumption.

"The coveted address of The Stature Jakarta near the upmarket Menteng area will appeal to multinational corporations seeking quality office spaces and premium serviced accommodation for expatriates, while the luxurious Stature Residences will offer 2 homebuyers breathtaking city views extending towards the National Monument of Indonesia and the city's CBD," he explained.

Coming along the said announcement is the group's plans to invest S$74.3 million in a 192-unit serviced residence, the Ascott Sudirman Jakarta through the group's subsidiary, The Ascott Limited.

Slated to open next year, the Ascott Sudirman Jakarta is Ascott's six serviced residence within Jakarta's Golden Triangle area.

In addition, Ascott nabbed a contract to manage and operate the 230-unit Citadines Canggu Bali, which is scheduled to open in 2020. Overall, Ascott has expanded its portfolio in Indonesia by around 600 units this year to date.