Archives for category: Indonesia

Frasers Hospitality has opened its second property, Fraser Residence Menteng, in Jakarta, adding 128 Gold-standard serviced units to the capital’s business and diplomatic centre.

The hospitality arm of the Frasers Centrepoint Group plans to grow its footprint in Indonesia with the opening of another six properties in the nation’s capital by 2017.Fraser Residence Mendeng

Properties outside Jakarta are also in the pipeline.

In total, Frasers Hospitality will have an inventory of ten properties and over 1,700 serviced units in Indonesia.

With the increased Fraser presence, travellers can look forward to enjoying ten Gold-standard serviced residences in the Indonesian capital within the next three years.

“We are very bullish on Indonesia,” said Frasers Hospitality chief executive Choe Peng Sum.

“The Indonesian government forecasts GDP to grow 5.6 per cent in 2015.

“With its strong growth – GDP is projected to grow annually at 3.07 per cent until 2030 – and arrivals growing at about ten per cent each year, the country offers great potential for our Fraser brands which target professionals, managers and executives travelling on medium-term work projects.”

Indonesia has a masterplan to grow to become one of the ten largest economies by 2030.

“Our first property, Fraser Residence Sudirman Jakarta, opened in 2011 and has enjoyed occupancy exceeding 90 per cent, “continued Choe.

“We believe the Fraser Residence blend of comfort and security makes it ideal for business travellers who want a private sanctuary in the heart of the city.”

As Frasers Hospitality’s footprint expands in Indonesia, the other Fraser brands will also make their mark in the country: Fraser Suites, Fraser Place and Capri by Fraser, a design-led hotel-residence aimed at the millennial business traveller.

Strategically located at Menteng Raya in Central Jakarta, close to Thamrin, the city’s main business district, Fraser Residence Menteng is minutes from offices of multinational corporations, key tourist sites, shopping and dining.

While it is in the heart of the business district, Fraser Residence Menteng is an oasis from the hustle and bustle of the city for its guests.

It offers round-the-clock security, fitness centre, indoor spa, steam and sauna, lap pool, jet and wading pool.


Singapore-based The Ascott Limited’s (Ascott) premier Ascott Jakarta serviced residence has been awarded the Green Mark Certification (provisional) by the Building and Construction Authority of Singapore (BCA).green serviced residences

The BCA Green Mark evaluates a building’s sustainability based on criteria such as energy and water efficiency, environmental protection, indoor environmental quality and other green and innovative features that contribute to better building performance. Ascott Jakarta is the first serviced residence in Indonesia to be BCA Green Mark certified.

Mr Kenneth Rogers, Ascott’s Regional General Manager for Indonesia and Australia, said: “Ascott is committed to environmental sustainability and strives to become the world’s leading green serviced residence company. As part of our global ‘Go Green @ Ascott’ sustainability drive, we are incorporating green elements into all new properties to be built or renovated. This includes Ascott Jakarta which is currently undergoing a multi-million dollar phased refurbishment. When completed in the fourth quarter of this year, the 198-unit serviced residence will cater to eco-conscious expatriates and business travellers, offering green living in an exclusive and elegant home away from home.”

Several green features have been incorporated at Ascott Jakarta to create a sustainable residence that is both comfortable and environment-friendly. These include the use of energy-efficient products such as LED lights with high frequency ballasts and air conditioners with variable refrigerant flow system, which significantly reduce the property’s energy consumption. Ascott Jakarta also shuts down half its lifts and reduces the usage of air conditioners along its corridors daily from midnight to 5am when there is lesser human traffic to conserve energy.

To ensure good indoor air quality, low volatile organic compound (VOC) paints are used in the property. Water-saving fittings such as taps and dual flush toilet cisterns are installed in apartment toilets to cut down water consumption, while recycling bins are prominently placed in the common areas to encourage staff and residents to recycle plastic, metal drink cans and paper. Ascott Jakarta also adopts the use of biodegradable laundry bags to reduce solid waste.

An Ascott Earth Day is held every first Friday of the month at Ascott Jakarta. On this day, all non-essential lightings as well as the fountain pump in the property are turned off for extended hours. Staff and residents are encouraged to dress down while the air-conditioning temperature in the property is increased to conserve energy.

Other green initiatives implemented include offering long-stay residents the option to play a part by reducing the frequency of housekeeping, and providing residents with reusable shopping bags that reduce the use of disposable grocery bags. Furthermore, at Ascott Jakarta, its Cubbies Kids’ Club playroom features a wall mural with a green message, encouraging young residents to love and care for the environment.

Besides the BCA Green Mark Certification, Ascott Jakarta has achieved the ISO 14001 and OHSAS 18001 international certifications for environmental management, and occupational health and safety management respectively.

Located in the heart of Jakarta’s business and shopping district, the Golden Triangle, Ascott Jakarta is ideal for executives on business trips or relocation. The serviced residence is close to the convention centre, various corporate offices, embassies, attractions and major shopping malls such as Plaza Indonesia Shopping Complex, Grand Indonesia Shopping Town and Jakarta City Centre Shopping Mall with a wide range of entertainment and dining options.

The serviced residence offers spacious apartments that range from studios to three-bedroom penthouses. Each apartment provides a fully-equipped kitchen, separate living and dining areas, home entertainment system, complimentary Internet access and other modern amenities. Larger apartments with two or more bedrooms also come with a maid’s room. The extensive facilities at the serviced residence include a swimming pool, sauna, tennis court, fully-equipped gymnasium, aerobics studio and meeting rooms.

As the largest international serviced residence owner-operator in Indonesia, Ascott has over 2,200 apartment units across 10 properties in Jakarta and Surabaya. Besides Ascott Jakarta, Ascott operates Citadines Rasuna Jakarta, Somerset Berlian Jakarta, Somerset Grand Citra Jakarta, Somerset Surabaya Hotel & Serviced Residence and Countrywoods Residences in Jakarta. The company will open Ascott Kuningan Jakarta, Ascott Waterplace Surabaya and Somerset Kencana Jakarta in 2014 as well as Citadines Marvell Surabaya in 2015.

Citadines Uplands in Kuching

CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has expanded its international network of Citadines-branded serviced residences with the opening of the first Citadines properties in Indonesia and Malaysia. With the 153-unit Citadines Rasuna in Jakarta and 215-unit Citadines Uplands in Kuching, Ascott has a total of 59 Citadines properties in operation across 31 cities in Asia Pacific and Europe.

Mr Chong Kee Hiong, Ascott’s Chief Executive Officer, said: “Ascott acquired the Citadines chain of apart’hotels in Europe in 2002 and brought the brand to Asia Pacific in 2006. We have increasingly been getting requests from property owners for the brand, due to its popularity amongst savvy independent travellers. These travellers value urban living in prime locations and the flexibility to choose the services they require to personalise their stay experience. To cater to the demand, we will be opening 13 more Citadines in China, India, Indonesia, Malaysia, the Philippines and Germany by 2015.”

Mr Alfred Ong, Ascott’s Managing Director for Southeast Asia and Australia, said: “Citadines Rasuna Jakarta and Citadines Uplands Kuching complement our existing Ascott and Somerset serviced residences in Indonesia and Malaysia, allowing us to reach out to a wider segment of customers. They also reinforce Ascott’s position as the largest international serviced residence owner-operator with 10 properties in each of these countries. This positions us for stronger growth in Indonesia and Malaysia, where demand for serviced residences continue to rise on the back of strong economic fundamentals and high foreign direct investments.”

Citadines Uplands in Kuching

Catering to expatriates, business and medical travellers, Citadines Rasuna Jakarta is strategically located in the city’s central business district, next to the Metropolitan Medical Centre. Within walking distance are embassies and office towers housing multinational companies such as PricewaterhouseCoopers, Rabobank and Petrochina. The serviced residence is also near retail and entertainment centres including Plaza Festival, Rasuna Epicentrum, Kota Kasablanka and Kuningan City Mall, offering residents a host of conveniences.

Citadines Rasuna Jakarta is part of a stylish 30-storey integrated development known as The H Tower that comprises offices, specialist clinics and premier medical care facilities. Residents can enjoy privacy as the serviced residence maintains its own distinct lobby and facilities.

Each of the studio, one- and two-bedroom apartments in Citadines Rasuna Jakarta provides a comfortable and homely environment with a fully-equipped kitchen, separate dining and living areas as well as modern amenities such as complimentary Internet access, home entertainment system with DVD player and flat-screen television with cable channels. The apartments are also designed to reflect a local touch, with artworks, carpets and fabrics influenced by traditional Indonesian batik designs.

Residents of Citadines Rasuna Jakarta can workout at the fitness corner or swim at the pool while overlooking the Jakarta skyline from the 21st floor of the property. Other facilities include a jacuzzi and sauna room, business corner, launderette, café and restaurant serving French and Indonesian cuisines. The serviced residence also offers 24-hour reception and security, housekeeping and business centre services as well as residents’ programmes to help guests settle comfortably into their new home.

Citadines Uplands Kuching

Citadines Uplands Kuching enjoys a prime location in Jalan Simpang Tiga – a hub for education and local federal government administration. The property is a 15-minute drive from the Kuching International Airport, Borneo Convention Centre and Samajaya Free Industrial Zone housing many multinational and local companies. It is also opposite one of the largest shopping malls in East Malaysia, The Spring Shopping Centre. Furthermore, Citadines Uplands Kuching is part of an integrated development known as ST3, which encompasses a shopping mall that will have over 200 retail outlets.

Citadines Uplands Kuching caters to the city’s growing Meetings, Incentives, Conventions and Exhibitions groups, executives on project assignments from the nearby companies and government offices, as well as student groups and visiting professors from universities located around the property.

The serviced residence offers a range of studios to two-bedroom units. Residents have ample space to live, work and entertain as each apartment comes with a fully-equipped kitchen, separate dining and living areas complete with home entertainment system and Internet access. The property also offers a suite of facilities including a swimming pool, children’s wading pool, gymnasium, residents’ lounge, launderette and meeting room.

Besides round-the-clock reception and security, housekeeping service and residents’ programmes, residents can personalise their stay at Citadines Uplands Kuching with the flexible menu of optional services including courier, babysitting, laundry and dry cleaning.

New Properties To Open In Indonesia And Malaysia

In Indonesia, besides Citadines Rasuna Jakarta, Ascott will open Ascott Kuningan Jakarta later this year, Ascott Waterplace Surabaya and Somerset Kencana Jakarta in 2014 as well as Citadines Marvell Surabaya in 2015. Ascott currently manages Ascott Jakarta, Somerset Berlian Jakarta, Somerset Grand Citra Jakarta, Somerset Surabaya Hotel & Serviced Residence and Countrywoods Residences in Jakarta.

In Malaysia, besides Citadines Uplands Kuching, Ascott will open Ascott Sentral Kuala Lumpur this year, Citadines D’Pulze Cyberjaya and Somerset Puteri Harbour Iskandar in 2014, Somerset Medini Iskandar in 2015 and Somerset Damansara Uptown Petaling Jaya in 2016. Ascott currently operates Ascott Kuala Lumpur, Somerset Ampang Kuala Lumpur, Seri Bukit Ceylon Residences and Marc Service Suites in Kuala Lumpur.

All Articles from The Ascott Limited

villabaliLuxury property prices in Indonesia are rising faster than anywhere else in the world, according to a new report.
Here is an interesting press article :

They teeter along in stilettos and backless dresses, their partners in partially open buttondown shirts, and duck into restaurants serving champagne, truffles and peppercorn steaks. Afterwards, these crowds of upmarket Indonesians and expats will head to any number of bars along the bustling artery of this once sleepy seaside village of Seminyak, a now vibrant town on the island of Bali that 10 years ago was lined by rice paddy fields and populated with farmers.

All along Jalan Laksmana, Seminyak’s main thoroughfare, glass-fronted stores sell high-end surfer-inspired chic, such as £125 bikinis and organic wheatgrass shots, while restaurants cater to the many bule – foreigners – by offering Japanese, Italian and fusion Indonesian cuisine at candlelit tables with Ibiza-like club music on the sound system. Firms with names like Exotiq Property and Elite Havens detail beachfront villas running at £1.5m and higher, showcasing homes close to “the action” – Bali’s famous hangouts like Ku De Ta and Potato Head, where languages overheard can range from French to Russian to Chinese.

Bali has long been famous as a playground for both the rich and the not-so-rich, easily providing both villas and backpacker hostels so that visitors can enjoy its white sandy beaches and turquoise waters whatever their budget. But now this island of 4 million is finding another kind of fame – as a major investment opportunity for the luxury property market.

Luxury property prices in 2012 jumped in Indonesia by more than anywhere else in the world, according to research by Knight Frank. The capital, Jakarta, saw an astonishing increase of 38% in luxury property prices from 2011, and Bali came in a respectable second at 20%, tying with Dubai.

While Monaco may still be the world’s most expensive place to buy a residential property– homes there can cost up to $5,920 (£3,960) per square foot – if Indonesia keeps up this pace, that could soon change. There are now more millionaires in Asia than anywhere else in the world, and in Indonesia, whose booming economy could surpass the UK’s to become the world’s seventh-largest by 2030, individuals’ net worth has shot up 7% year on year.

What does that mean? In simple terms, says Zoe Rice of property firm Elite Havens’ flagship Seminyak office – a low-slung, white-and-blue, beachhouse-themed property that looks as though it should be facing the Indian ocean rather than the village’s busy square – property investment in Indonesia is simply “better value than keeping money in the bank”.

Much of the growth underpinning Bali’s healthy property market comes from domestic buyers, notably the wealthy players of Surabaya and Jakarta, says Rice. But there is also a steady stream of buyers from Australia, France and the UK, and Asian expats from Singapore and Hong Kong, who are keeping the market afloat. And they’re not just purchasing second or third holiday homes: vacant land is the number-one choice for Indonesians, followed by hotels, condo-hotels and private villas. For foreign buyers, purchases are of homes and villas for full-time residential use; a market report to be released this week by Elite Havens cites Bali’s high tourist arrivals, healthy economy and shifting of government debt to investment grade as reasons why the island is “resilien[t] and [a] safe haven for investors in these globally turbulent times”.

“Capital appreciation has been substantial [in Bali] in the past decade,” says Rice. “There’s been a dramatic increase in Seminyak, where land prices have almost tripled in the last two years because demand is so high and supply so low.”

All this has not been lost on local people, many of whom have taken to nicknaming the island kampung bule – “whitey town” – because of the sea of foreigners swarming Bali’s streets and beaches.

“Housing in Bali is expensive now because many bule live in their own private villas, and they buy with dollars and pay dollar prices,” says 31-year-old Budi Susila, a taxi driver who spends his days transporting foreigners around the island. “That makes locals want to sell their land to bule, which makes more bule interested in moving here, which means that every year we lose more rice paddies and more greenery. The government gives permits very easily for new construction because they get money in their pocket.”

Expat hotspot Seminyak has just lost its last rice paddy, says Rice, who claims that the central road that cuts through Legian and up to Seminyak was “lined left and right” with them a decade ago. Now the roads are choked with taxis, 4x4s and motorbikes manned by tanned blonds with surfboards in tow, who snake along many of the busiest areas in southern Bali in traffic so heavy that a 30-minute drive can easily turn into a two-hour one.

Non-beachfront land around the most sought-after areas, including Seminyak and Petitenget, is now worth 2.5bn rupiah per 100 square metres – £171,000 – with prices decreasing the further north and inland one travels, Rice says. But much of the attraction of buying land or property in Bali is being close to the action: Seminyak serves as the de facto centre of Bali’s expat beachfront scene, as it is home to world-class restaurants, clubs and bars, where the rich and beautiful can chill out with bottles of champagne over views of Bali’s famous sunsets. But even in Ubud, where organic markets and yoga studios rub shoulders with art galleries in what is deemed Bali’s northern “cultural centre”, land prices increased some 55% in 2012, according to research by Elite Havens.

In Jakarta, which saw a 38% jump in its residential luxury market prices last year, the story is a little different. There, buyers are investing primarily in flats in the central business district in projects that developers are calling “critical housing” – prime property in an overcrowded metropolis of 12 million, says Knight Frank’s Hasan Pamudji.

“The economy in Indonesia has been growing roughly 6% every year for the last few years, so there are more rich people in Indonesia now than ever,” he says. “But middle and lower incomes have increased as well, which has increased the demand for property.”

Although the city is home to extravagant, multimillion-dollar mansions lined by barbed-wire fences, it is flats, rather than houses, that are the new property of choice for those buying property in Jakarta because “they offer security, safety and easy transportation”, says Pamudji. “Traffic congestion in Jakarta is very bad, so some buy condos close to their work or business, which saves them having to commute every day from the suburbs or further away.”

Often these condos are the first investment for young couples or upcoming wealthy individuals, he adds, with the average price in downtown’s “Golden Triangle” retailing at 30m rupiah – £2,050 – per square metre.

Back in Bali, development can be seen pretty much everywhere along the southern coast, with old buildings bulldozed to make way for new commercial properties, among them glittering cafes and restaurant ventures to cater to the ever-burgeoning market of wealthy clientele. In the upmarket beachfront Canggu area, Echo Beach is now home to an InterContinental hotel and the Sea Sentosa project, a resort that calls itself “the benchmark for unparalleled luxury”, while a Sunset Road extension is planned to link the capital, Denpasar, with Bali’s more western beaches.

But there has been so much development that the local government has recently placed a moratorium along the most congested beachfront areas and is encouraging growth in the island’s more remote locations instead. Even there, however, investment can prove tricky, says Australian investment banker Richard Jenkins, who moved to Bali three years ago from northern Australia with his wife and two young children. Having bought a clifftop plot of land in Uluwatu, a windswept, still undeveloped area on the island’s most southern tip, the Jenkinses planned to build their own house – but the permits were never forthcoming.

The family now want to move to a £1m property in Seminyak with three villas that they plan to renovate, turning two into holiday rentals.

“This is a good place to invest, definitely,” says Jenkins. “There aren’t that many places to say that about in the western world. But while it is a positive real estate market, I do get the impression of a looming glut: there’s just so much building here going on, and it’s all for the tourist

Source :

Ascott Waterplace Surabaya

CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has clinched a management contract for its first Ascott-branded serviced residence in Surabaya.

The premier Ascott Waterplace Surabaya will offer 181 apartments when it opens in 2014. It will be Ascott’s third property in Surabaya, after Citadines Marvell Surabaya and Somerset Surabaya Hotel & Serviced Residence. This also reinforces Ascott’s position as the largest international serviced residence owner-operator in Indonesia, with over

2,200 apartment units across 10 properties.
Mr Alfred Ong, Ascott’s Managing Director for Southeast Asia and Australia, said: “Ascott sees tremendous growth potential in Indonesia, Southeast Asia’s largest economy, which attracted a record foreign direct investment of S$7.2 billion in the third quarter of 2012.

Besides having a strong foothold in Indonesia’s capital of Jakarta, we are expanding our presence in Surabaya with our flagship Ascott brand.

urabaya is Indonesia’s second largest city and home to the main seaport for the eastern part of the country. Its growing commercial, manufacturing and meetings and conventions sectors are attracting both international and domestic business travellers.

The exclusive Ascott Waterplace Surabaya which offers luxurious accommodation, business support and personalized services, will complement our existing properties and cater to the rising demand for international-class accommodation in this city.”

The management contract for Ascott Waterplace Surabaya is awarded to Ascott by the Pakuwon Group, one of the largest real estate developers in Indonesia. Mr Alexander Tedja, Founder of the Pakuwon Group, said: “We are pleased to strengthen our partnership with Ascott.
This is the second property which Ascott is managing for the Pakuwon Group. The first is Somerset Berlian Jakarta which has been performing well and enjoying strong occupancy of over 80% since its launch. We will continue to leverage Ascott’s award-winning expertise in managing serviced residences to enhance the value of our development. We look forward to many more fruitful years of partnership with Ascott ahead.”

Besides Ascott Waterplace Surabaya, Ascott will open Ascott Kuningan
Jakarta and Citadines Rasuna Jakarta in 2013, Somerset Kencana Jakarta in
2014 as well as Citadines Marvell Surabaya in 2015. Ascott currently manages Ascott Jakarta, Somerset Berlian Jakarta, Somerset Grand Citra

Source :

CENTARA Hotels & Resorts will soft open its second Bali resort property, Centara Grand Nusa Dua Resort & Villas, in 3Q2012.

Originally scheduled to soft open in December 2011 , the five–star resort’s design concept is based on a blending of Chinese and Indonesian-Malay cultural styles.

The property will offer 68 suites with the option of a private pool, lagoon access or private Jacuzzi, and 14 private pool villas with one, two or three bedrooms and butler service.

Facilities include a Spa Cenvaree with nine treatment rooms, two large pools, a fitness centre, a club lounge, a library, five meeting rooms, and a 37.5m2 boardroom. F&B options include a fine-dining Asian restaurant, an all-day outlet, and two bars.

“Our main market for Centara Grand Nusa Dua Resort & Villas will be the leisure and honeymoon sectors, but due to the location of the resort next to the Bali Convention Centre, a large part of our business will also be from the meetings and events sector,” said Martin Heiniger, cluster general manager, Centara Hotels & Resorts Bali.

“The market mix for MICE is forecast at 60 per cent domestic and 40 per cent international,” he added.

Centara’s inaugural resort in Bali is the Centra Taum Seminyak Bali, located in the centre of Krobokan, at Seminyak.

“The opening of Centara Grand Nusa Dua Resort & Villas provides Centara guests with the option of the new five-star Grand brand resort, or the Centra value brand, at two very popular destinations on the island,” said Heiniger.

If talk turns to resort real estate both are heavyweight contenders in the title fight. Round after round, punches or blows only end with the ringing of a bell. Practically speaking, when it comes to the life cycle of property, Phuket arguably has moved through the business milestones faster than its counterpart.

In what is often referred to as the “Golden Age” starting at Y2K (or in much simpler terms the 2000’s) up to the sub prime dilemma, the market went from a developing one to a monster on steroids.

Trends in the past are often the key to understanding the future so we have our work cut out for us.

From the early days, supply and demand were incredibly favorable as buyers flocked to our shores faster than developers could launch projects. First came direct sales, moving into a more sophisticated model of brokerage agencies, which then sprouted wings and multiplied.

Next were investment buyers who supplanted the early end users. The calendar which many thought of as human years turned out to be compacted into a shorter term growth cycle closer to dog years (especially the bigger breeds who are likely to bite the bullet after nine or ten years).

Infrastructure for real estate also moved up and onwards – legal and tax advisors, designers, interior fit out specialists, landscapers, and a host of others arrived. Then glossy publications, mass movement road shows and international profiles took the message far and near.

Later, secondary sales (re-sales) went, with an incredible growth stint, from infancy to now dominate broad resort grade transactions. Short-and-long-term rentals, vacation lets, fractionals, condo and villa resorts – the hybrid products now took the industry to one that was coming of age, mature and mimicking a traditional western model of diversity and depth.

Bali on the other hand, perhaps due to the bombs in 2002 and 2005, came to the party later. While the island always had a large villa market – what was missing were the estates, master planned communities and multi-million dollar ultra villas trading hands.

Strangely enough when the global financial crisis was in full meltdown mode, Bali was just cranking up the volume signaling that a party was going to be held – a real estate rave up. Indonesia’s economic growth remains one of the success stories over the past few years and one key sector – hospitality-led residential or condo hotels – have become a defining characteristic of the market.

At that time, Phuket flattened like a pancake once foreign demand went into hibernation mode, but down south domestic buyers have flooded the shop of dreams over the past five years.

Bali has inched the industry forwards in the curve, just like Phuket had done, but that’s where things start to get interesting. Will a parting of the ways be coming soon?

Phuket has seen an explosion of mid-scale hotels for longer than I can recall and is now hitting a serious tipping point of potential oversupply. A strong wind has propelled domestic investors to lead the pack, with a thriving economy fueling market capital and debt markets.

While the island has its share of mixed-use hotel and residential projects, in macro terms it remains in single digits when compared to the entire total accommodation supply. For the most part, in developments where guaranteed returns are offered, there remains a core hotel component and a secondary property offering. Risk remains mitigated.

On the flip side of the coin, Bali has not only embraced mixed use projects but a substantial number of developers sell out the entire inventory of units, contracting them to a hotel management company, offering a limited period of guaranteed returns which later revert to a revenue or profit split with unit owners.

The buying pool is made up primarily of Indonesians from Jakarta, Surabaya and other key cities across the archipelago. Over the past year, as we have done an increasing amount of work there, I often ask the question – how deep is the market and how long can this last?

Returning from a week there speaking to agents and developers, most anticipate a general slowdown over the next six to 12 months. From our analysis, the long-term effects of this investment-driven product cycle could have a wide-ranging impact on the hospitality sector.

As Bali will eventually see a slowdown in tourist arrivals (the same as Phuket will), and guaranteed returns diminish, hotel demand will retract and unit owners will see fewer returns. This will inevitably trigger units being placed into a newly found secondary market, but domestic investors who have leveraged their condos with the bank could be forced to price these down below current existing values.

An emerging secondary market will no doubt see primary or new sales displaced and flatten the pancake. Potentially the wild card difference between Phuket and Bali is that the latter has a larger proportion of domestic investment buyers which could create a wide scale decline on values.

The darker side is that with thousands of these units operating as hotels, unlike single asset owners who have to take a long term pricing approach, individuals will force managers to offer room rates at any price thus hitting the broader hotel market. Everyone loses. Everyone.

While this is not a doomsday prediction, warning signs remain for Southeast Asia’s largest economy and certainly there are lessons to be learned for Phuket

from Bill Barnett at

Ascott has secured a new management contract for its first Citadines Apart’hotel in Surabaya, Indonesia.

The 288-unit Citadines Marvell Surabaya is scheduled to open in 2014 and reinforces Ascott’s position as one of the largest international serviced residence owner-operators in Indonesia, with over 2,100 apartment units across 10 properties.

Mr Alfred Ong, Ascott’s Managing Director for Southeast Asia and Australia, said, “Ascott has built a strong presence in Indonesia since we opened our first property in Jakarta in 1995. With Indonesia’s resilient economy and increasing foreign direct investment into the country, we see tremendous opportunities to expand in Indonesia and introduce our Citadines brand in Surabaya.”

“Surabaya, Indonesia’s second largest city, has a thriving seaport and burgeoning industrial sector. Surabaya is also an up-and-coming city for meetings, incentives, conventions and exhibitions. It is a popular tourist destination with a strong domestic travel market. With Citadines Marvell Surabaya, we will be able to tap on the growing segment of savvy independent travellers who want the flexibility to choose the services they desire to create their unique stay experience. Besides Citadines Marvell Surabaya, Ascott will open four more properties in Indonesia by 2014, including two Citadines, in Bali and Jakarta, in the second half of 2012,” Mr Ong added.

Situated in the business district of Ngagel, Citadines Marvell Surabaya will be close to shopping malls and the Surabaya Industrial Area Rungkut, where many manufacturing factories are located.

Citadines Marvell Surabaya will be part of an integrated development named Marvell City, which offers a multitude of shopping, dining and entertainment options. These include specialty restaurants and bars with alfresco dining, a supermarket, a cinema and other retail outlets. The development will also house commercial towers, educational institutions, as well as ballroom and banquet facilities.

Citadines Marvell Surabaya offers business and leisure travellers a choice of studios, one and two-bedroom apartments. Each furnished apartment comes with a fully-equipped kitchen, ensuite bathroom, separate work and sleeping areas and other modern amenities. Facilities in the 12-storey serviced residence include a swimming pool and residents’ lounge.

Besides Citadines Marvell Surabaya, Ascott will open Citadines Kuta Bali and Citadines Rasuna Jakarta in 2012, Ascott Kuningan Jakarta in 2013 and Somerset Kencana Jakarta in 2014.

Ascott currently manages Ascott Jakarta, Somerset Berlian Jakarta, Somerset Grand Citra Jakarta, Somerset Surabaya Hotel & Serviced Residence and Countrywoods Residences.

Bali is the largest tourist place in Indonesia and is well acknowledged for its exceedingly developed arts, dance, sculpture, painting, jewelry, and music. There are many holidays in Bali can be very adventurous and memorable for you as Bali is considered that most visitors to use island of Indonesia and therefore attracts many tourists. On the island of Bali you can relax with massage on the beach or a sybaritic spa. Bali is a perfect place for fans of shopping and there’s plenty for everyone here. Bali offers a variety of delicious food and beverages prepared by top chefs.

Bali is a popular tourist destination among tourists because of its rich culture, diverse landscapes, nice and affordable tourist establishment in connection. The visit to this resort is important that you understand and are knowledgeable about the area, as this will go a long way toward making your holiday in Bali, a unique experience.

It is first necessary to consider wh

at you want to take away from your vacation in Bali. Those heading to Bali for the nightlife and abundant supply of shopping opportunities suited to one of the bigger cities like Kuta or Seminyak. Kuta, in particular, is famous for its surf ideal conditions, and therefore, is a popular tourist destination. If you are more interested in discovering the rich culture and

tradition of Bali, then head to the inland town of Ubud is considered the center of arts and crafts of Bali. A small rural town like Canggu can provide further insight into the daily life of the Balinese people, while also providing scenic and most fantastic surfing conditions.

After deciding which part (s) to visit Bali, next you need to decide on accommodation. Hotels have been commonplace in Bali for years and provide suitable accommodation, however in recent years there has been a shift towards luxury villas in Bali.

While the hotel maintains an atmosphere of them Western, Luxury Villas in Bali are steeped in traditional Balinese culture and tradition, allowing you to fully immerse yourself in its rich culture for the entire duration of your holiday, and not only when venture out. Both isolated and spacious, luxury villas in Bali are perfect for any trip the party to which it belongs and you can enjoy during your Southeast Asia travel.

The next thing to take into account the time of year you would like to visit Bali. Bali generally has a tropical climate and high humidity, which is amplified in the rainy season (October to April). The weather is less humid during the dry season occurs between May and September.

So when planning a vacation in Bali while going for Southeast Asia toursbe sure to take into account what you want to take away from your visit, and your vacation will be much more rewarding if you can plan to suit.

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The Ascott Limited’s (Ascott) premier Ascott Jakarta has been named ‘Leading Serviced Apartment and Suite’ at the Indonesia Travel and Tourism Awards 2011/2012. The awards recognise outstanding brands and individuals in Indonesia’s travel and tourism industry for their top quality services.

Mr Kenneth Rogers, Ascott’s Country General Manager for Indonesia, said: “We are honoured to receive this prestigious award. This is a testament of Ascott’s international service standards and our signature hospitality that is the hallmark of our strong brand reputation. At Ascott, we create memorable experiences for our residents through our unique LIFE approach to service excellence – providing a Local touch; respecting our guest’s Individuality; offering the Feeling of home; and Exceeding expectations.”
“Beyond providing an accommodation, our staff go the extra mile to make residents feel right at home. For instance, our staff teach Bahasa Indonesia to help residents understand and appreciate the local culture. We also take residents on tours of the local markets to introduce them to the Indonesian lifestyle. Our guests appreciate this warm hospitality and many of them have chosen Ascott as their preferred home away from home year after year. We are thankful for their continuous support,” Mr Rogers added.

To deliver the Ascott experience to its guests, staff are imbued with Ascott’s service values and they undergo specially designed training programmes at Ascott’s global training centre in Singapore, the Ascott Centre for Excellence. Apart from providing guests with personalised services, the exclusive Ascott Jakarta enjoys a prime location in the heart of Jakarta’s business and shopping district with a wide range of entertainment and dining options. Ideal for executives on business trips, relocation or on holiday, the serviced residence is close to various business institutions, embassies, attractions, the Convention Centre and major shopping malls such as Plaza Indonesia Shopping Complex, Grand Indonesia Shopping Town and Jakarta City Centre Shopping Mall.

Ascott Jakarta offers 198 spacious and elegantly designed apartments that range from studios to three-bedroom penthouses. Each apartment provides a fully-equipped kitchen, separate living and dining areas, home entertainment system and other modern amenities. Larger apartments with two or more bedrooms also come with a maid’s room. The extensive facilities at the serviced residence include a swimming pool, sauna, tennis court, fully-equipped gymnasium, aerobics studio, children’s playground and meeting rooms.

Ascott is currently the largest international serviced residence owner-operator in Indonesia with close to 1,900 serviced apartment units across 9 properties in Jakarta, Surabaya and Bali. This includes the new Citadines Rasuna Jakarta and Citadines Kuta Bali (both properties are scheduled to open in 2012), Ascott Kuningan Jakarta (opening in 2013) and Somerset Kencana Jakarta (opening in 2014). Besides Ascott Jakarta, Ascott currently operates Somerset Berlian Jakarta, Somerset Grand Citra Jakarta, Somerset Surabaya Hotel & Serviced Residence and Country Woods Jakarta.

The Ascott Limited is the world’s largest international serviced residence owner-operator with about 22,000 operating serviced residence units in key cities of Asia Pacific, Europe and the Gulf region, as well as over 6,000 units which are under development, making a total of more than 28,000 units.

The company operates three brands – Ascott, Citadines and Somerset. Its portfolio spans over 70 cities across more than 20 countries, 14 of which are new cities in Ascott’s portfolio where its serviced residences are being developed.

Ascott, a wholly-owned subsidiary of CapitaLand Limited, is headquartered in Singapore. It pioneered Asia Pacific’s first international-class serviced residence in 1984. In 2006, it established the world’s first Pan-Asian serviced residence real estate investment trust, Ascott Residence Trust. Today, the company boasts a 27-year industry track record and award-winning serviced residence brands that enjoy recognition worldwide.

Recent awards include DestinAsian Readers’ Choice Awards 2011 ‘Best Serviced Residence in Asia Pacific’, Business Traveller Asia-Pacific Awards 2011 ‘Best Serviced Residence Brand’ and ‘Best Serviced Residence in Asia-Pacific’, Business Traveller UK Awards 2011 ‘Best Serviced Apartment Company’, TTG Travel Awards 2011 ‘Best Serviced Residence Operator’ and TTG China Travel Awards 2011 ‘Best Serviced Residence Operator in China’.

About CapitaLand Group
CapitaLand is one of Asia’s largest real estate companies. Headquartered and listed in Singapore, the multi-local company’s core businesses in real estate, hospitality and real estate financial services are focused in growth cities in Asia Pacific and Europe.
The company’s real estate and hospitality portfolio, which includes homes, offices, shopping malls, serviced residences and mixed developments, spans more than 110 cities in over 20 countries. CapitaLand also leverages on its significant asset base, real estate domain knowledge, financial skills and extensive market network to develop real estate financial products and services in Singapore and the region.
The listed entities of the CapitaLand Group include Australand, CapitaMalls Asia, CapitaMall Trust, CapitaCommercial Trust, Ascott Residence Trust, CapitaRetail China Trust, CapitaMalls Malaysia Trust and Quill Capita Trust.