23 Feb

Ascott To Manage New Serviced Residence In Jakarta

The Ascott Group, a leading international serviced residence operator, has secured the contract to manage a new 152-unit serviced residence in South Jakarta.

Somerset Berlian is part of the twin-tower Permata Berlian Residences development in the prime Permata Hijau residential area, and 15-minutes’ drive from Jakarta’s financial district of Jalan Sudirman. Nearby are shopping centres, international hotels and schools, golf courses and the Senayan Olympic Stadium.

Scheduled to open in 2006, Somerset Berlian will offer stylish two and three-bedroom suites. Facilities will include a fitness centre, 25-metre lap pool, children’s and reflexology pools, a jacuzzi and playground. Ascott will manage the upper-tier serviced residence for five years, with the option to operate it for another five years.

The Ascott Group is a leading international serviced residence company with over 13,800 serviced residence units in 40 cities in 17 countries in Europe and Asia Pacific. It is the serviced residence arm of CapitaLand Limited, one of Asia’s largest listed property companies.

Ascott’s chief executive officer, Mr Cameron Ong, said: "Our expanded presence in Jakarta is timely and strategic. The more stable socio-political situation today and the government’s efforts to improve the business environment is beginning to restore investor confidence. As foreign business activity and multinational companies gradually return to Jakarta, we expect demand for well-managed serviced apartments to grow."

He added: "Ascott’s serviced residences in Indonesia are performing well. The management contract is in line with our strategy to increase our fee-based income and improve our economies of scale in cities where we have existing operations."

In Jakarta, Ascott also operates the 198-unit luxury-tier The Ascott Jakarta and 206-unit upper-tier Somerset Grand Citra serviced residences. In Surabaya, the group manages the 509-unit Somerset Surabaya.

Somerset Berlian is developed by the Pakuwon Group, a leading Indonesian developer. Based in Surabaya, the group builds townships and shopping malls and is currently developing some 1,600 hectares of township projects.

The management contract will not have any material impact on the group’s net tangible assets or earnings per share for the financial year ending December 31 2005.

Ascott's Serviced Residences in Indonesia

In Jakarta

The Ascott Jakarta – 198 units, Thamrin district

The luxury-tier The Ascott Jakarta is in the city’s prime Golden Triangle, minutes from embassies, banking and financial institutions. Nearby are the Plaza Indonesia Shopping Complex and the Welcome and National historical monuments. The residence’s elegant studio to three-bedroom suites have designer fittings and high speed Internet access. Facilities include a swimming pool, tennis court, health club and restaurants.

Somerset Grand Citra – 206 units, Kuningan district

The Mediterranean style 206-unit Somerset Grand Citra is in the heart of Jakarta’s Golden Triangle, Kuningan. It is close to embassies, major shopping malls, medical centres, restaurants, expressways and international schools. Its upper-tier one to three-bedroom suites are equipped with broadband access. Facilities include a swimming pool, barbeque area, tennis court, and restaurant.

In Surabaya

Somerset Surabaya – 509 units, Darmo Satellite Town

The upper-tier Somerset Surabaya is a short drive from the shopping and entertainment hub of downtown Surabaya. The one to three-bedroom suites offer a stylish blend of East Java culture and contemporary furnishings. Facilities include a tennis court, children’s playground, swimming pool, business centre and serviced offices.





About The Ascott Group
The Ascott Group is a leading international serviced residence company with 13,800 serviced residence units in the key cities of Europe and Asia Pacific.

Ascott's global presence spans 40 cities in 17 countries. These include London, Paris, Brussels, Berlin and Barcelona in Europe; Singapore, Bangkok, Hanoi, Kuala Lumpur, Tokyo, Seoul, Shanghai and Beijing in Asia; Sydney and Auckland in Australia/NZ; and Dubai in the Gulf region.

Through its marketing alliance with Equity Corporate Housing, the group also offers upper-tier serviced apartments throughout the US. Headquartered in Singapore, The Ascott Group pioneered the Asia Pacific's first branded luxury serviced residence in 1984. Today, it boasts a 21-year industry track record and serviced residence brands that enjoy recognition worldwide.

The group's flagship The Ascott luxury serviced residence brand projects an elegant lifestyle appealing to top executives. Its Somerset upper-tier brand offers stylish, contemporary living for senior to upper management executives. The mid-tier Citadines brand provides corporate executives with comfortable city residences.

Recent awards the group has clinched include the 2004 Business Traveller Best Serviced Residence Brand and Best Serviced Residence property in Asia Pacific awards. The group took the Number One position in the 2004 China's Top 100 Serviced Residences ranking for its eight properties in China. Ascott also won the 2004 Vietnam Economic Times' Best Service in Serviced Apartments awards in Hanoi and Ho Chi Minh City, and Best Annual Report and Best Operating & Financial Review awards at the 2004 Singapore Annual Report Awards.

Listed on the mainboard of the Singapore Exchange, Ascott is the serviced residence arm of CapitaLand Limited, one of Asia's largest listed property companies. Headquartered in Singapore, CapitaLand's core businesses in property, hospitality, property services and real estate financial services are focused in gateway cities in Asia, Australia and Europe. The company's hospitality businesses in hotels and serviced residences span more than 60 cities around the world.

For reservations on Ascott properties, call Central Reservations on (65) 6272-7272 or visit www.the-ascott.com



Ida Lim, VP, Investor Relations & Corporate Communications

Hp: (65) 9628 8339

Email: ida.lim@the-ascott.com

Lilian Goh, Manager

Hp: (65) 9795 5225

Email: lilian.goh@the-ascott.com