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...
Indonesia Property
Indonesia's buoyant economy has prompted Singapore's Frasers Hospitality to make its first major foray into Jakarta's serviced residence market. The company recently opened its first property in the capital and plans to have three more in the next three years. Frasers Residence Sudirman added 108 units to the existing 4,500 serviced residences already in Jakarta. Frasers is only the second Singapore...
Faber-Rhine Properties, a unit of property giant City Developments (CDL), has acquired the 50 per cent stake owned by its venture partner AIG Marina Investment in Glengary for about S$9 million. Glengary is the developer of "The Sail @ Marina Bay", which was successfully launched in 2004. CDL said that the consideration was arrived at on a willing-buyer willing-seller basis, and it was settled in cash...
Keppel Land is set to redevelop Tower 2 of its Barclays House complex in Jakarta's central business district, the property giant announced yesterday. Indonesia's booming economy has led to increased demand for office space and Mr Ang Wee Gee, executive director and chief executive officer (international) of Keppel Land International Limited, said: "Our new office tower will meet the demand of tenants...
CapitaLand said its Ascott Residence Trust or Ascott REIT has entered into an agreement to sell a rental housing property, Country Woods, in Jakarta for S$33.9 million. It said this is the highest price submitted in a competitive bidding process and is 60 per cent above the property's valuation as at June 30. It added that Ascott REIT is expected to enjoy an estimated net gain of S$5.7 million from the...
The Ascott, CapitaLand's wholly-owned serviced residence business unit, has expanded its presence into Bali, Indonesia. It has won a contract from Indonesian developer PT Rudy Indopratama Sejahtera to manage a 174-unit serviced residence in Kuta, to be called Citadines Bali Kuta. The new serviced residence, which is targeted to open in 2012, will be located on the main arterial road of Jalan Raya Kuta,...
CapitaLand's wholly-owned serviced residence business unit, The Ascott, said it has secured a contract to manage its second Citadines serviced residence in Indonesia. The contract was awarded by state-owned enterprise P-T Hutama Karya Persero. But it did not reveal to the value of the contract. Called Citadines Jakarta Rasuna, the 135-unit property is scheduled for completion by next year. It is...
Singapore’s Frasers Hospitality is expanding into Indonesia for the first time. It has announced plans for 270 luxury service apartments and penthouses to be housed within the Ciputra World Jakarta development (picture), which is slated for completion by mid-2011. Fraser Suites Jakarta will be located in a 30-storey tower, with leisure and fitness facilities such as a swimming pool, tennis courts and...