Keppel Land tops off latest commercial project in Jakarta

Keppel Land topped off its latest commercial project, the International Financial Centre Jakarta Tower Two, in Jakarta’s Central Business District on Tuesday (Aug 18).

The developer is seeking to grow its commercial portfolio in key Asian cities. Singapore and China remain its core markets, but the firm sees Indonesia and Vietnam as key growth areas.

Mr Sam Moon Thong, President (Indonesia) of Keppel Land, elaborated: “Singapore is a home ground and China is a big market, so these two are our core markets. They are the top. And below these two markets, we have Vietnam and Indonesia which we term as the growth markets because they have the potential to grow and we want to grow these two markets.

“If you look at Vietnam and Indonesia, they are fairly similar in that they have got big populations, a growing middle class and urbanisation.”

With urbanisation, Mr Sam said that both Indonesia and Vietnam are seeing a higher spending power among their population. This will create opportunities for retail and office, as investments come on stream, he added.

The topping out ceremony of International Financial Centre Jakarta Tower Two was witnessed by more than 150 guests, including government officials from Singapore and Indonesia.

The tower is scheduled to be completed in the first quarter of 2016, but Keppel Land said it has already secured tenants such as Tokio Marine, Servcorp, Grant Thornton, Rintis and Ithaca Resources.

The 48-storey Tower Two will offer 50,200 sqm of Grade A office space when completed.

Keppel Land will also be redeveloping the existing 18-storey Tower One, which was completed in 1985, into a 55-storey office tower to offer more area for lease. The developer is looking out for more land parcels in Indonesia, to develop residential properties such as landed homes and apartments.

Source : Channel NewsAsia – 18 Aug 2015

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