Keppel Land is expanding its Indonesian portfolio with the acquisition of a 4.6-hectare site in West Jakarta for S$40.2 million. It plans to develop the site as a residential project for middle-income earners.
Expected to be launched in phases from 2017, Keppel Land’s upcoming development will comprise more than 4,000 apartment units ranging from studio apartments to three-bedroom units as well as shophouses and shop units.
The residential site is located close to international schools and is a 15-minute drive from Soekarno-Hatta International Airport.
In a statement on Sunday (Jan 18), Keppel Land Indonesia president Mr Sam Moon Thong said: “Indonesia is one of Keppel Land’s key growth markets where we will continue to further strengthen our presence”.
Keppel Land’s maiden residential investment in Indonesia, West Vista, is expected to be launched in the first quarter of this year. Keppel Land is also upgrading the International Financial Centre Jakarta – a twin-towered commercial development in Jakarta’s CBD – which is slated for completion by 2019.
Source : Channel NewsAsia – 19 Jan 2015