Keppel Land unit inks deal to develop residential site in Indonesia

It will yield approximately 500 landed homes on the 12 ha site.

Keppel Land’s subsidiary PT Sukses Manis Indonesia entered an agreement with Indonesian property developer PT Metropolitan Land Tbk (Metland) to jointly develop a 12 ha residential rite in East Jakarta, Indonesia, an announcement revealed.

The firm will hold a 50% stake in the joint operation which reportedly will yield 500 landed homes with ancillary shophouses for sale. Keppel Land’s share of the total development cost for the project is estimated to reach $57m.

“The upcoming development is strategically located with easy access to the Jakarta central business district (CBD) and amenities such as hospitals and schools, as well as a myriad of lifestyle offerings,” Metland president director Thomas J. Angfendy said in a statement.”

Also read: Keppel Land partners Indonesian developer to invest up to $470m for Jakarta residential projects

According to Keppel Land, the site is located in a mature residential precinct surrounded by several landed housing township developments, on top of a spectrum of shopping, dining and leisure amenities such as AEON mall, Giant and an upcoming IKEA. Schools such as the Global Mandiri and Santo Yoseph are also located nearby.

It is also 2km away from Jakarta’s city centre via the Jakarta Outer Ring Road, whilst the Soekarno-Hatta International Airport is a 60 minute drive away via the Tanjung Priok Port Toll Road.

This marks Keppel Land’s second residential project collaboration with Metland in Jakarta under its general collaboration agreement, following its The Riviera at Puri project which saw 90% of its 500 landed homes sold in November.

“Indonesia is one of Keppel Land’s key markets and we are committed to grow our presence in the country with a focus on Greater Jakarta,” Keppel Land Indonesia president Goh York Link said in a statement. “We are confident that Indonesia, with its steady economic growth, continued urbanisation as well as growing middle-class will continue to see demand for high-quality homes.”