SINGAPORE (Nov 19): The Ascott, CapitaLand’s lodging business unit, has formed a strategic alliance with Ciputra Development Group, one of Indonesia’s top property developers.

Under the alliance, Ascott will manage serviced residences to be developed by Ciputra in Indonesia and China within the next five years.

The alliance was signed on Monday at the opening ceremony of Ascott Sudirman Jakarta, a property which Ascott acquired from Ciputra in 2017.

Read more on The Edge Singapore.