COMMERCIAL PROPERTY | Staff Reporter, Singapore

CapitaLand grows Indonesian presence with $300m in investments

The development cost of The Stature Jakarta is around $220m.

CapitaLand is on a roll in Indonesia. Its first integrated development in the country, The Stature Jakarta reached a total development cost of approximately $220m.

According to a press release, it also invested $74.3m in a 192-unit serviced residence, Ascott Sudirman Jakarta, through a wholly owned serviced residence business unit, The Ascott Limited (Ascott).

Together, this represents an investment total of $300m in Indonesia.

CapitaLand Singapore chief executive officer (CEO) Ronald Tay said, "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."

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