GIC inks $651m JV with Rajawali to invest in Jakarta property market

It will focus on Jakarta's CBD.

GIC has inked a Memorandum of Understanding with Rajawali Group, one of the largest investment companies in Indonesia, to jointly invest up to $651m (US$500 million) in equity in property projects in Indonesia, with a focus on Jakarta’s CBD.

The joint venture will explore opportunities in sectors including office, retail, residential as well as mixed-use projects.

The JV follows a successful collaboration between Rajawali and GIC in the development of a 47-storey International Grade A office tower on Jalan Jenderal Gatot Subroto, in the heart of Jakarta’s Central Business District. 

The office tower, now named Capital Place, is part of a mixed-use development, which includes the first all-suite luxury The St. Regis Jakarta hotel and a retail podium for specialist food and beverage outlets.

Construction of the mixed-use development is underway and is due to be completed by end 2015.