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PROPERTY – Keppel Land, Metland team up to develop residential project in Jakarta

JAKARTA (RambuEnergy.com) – Keppel Land Limited (Keppel Land), through its wholly-owned subsidiary, PT Sukses Manis Indonesia, has entered into an agreement with leading Indonesian property developer, PT Metropolitan Land Tbk (Metland), to jointly develop a 12-hectare residential site in the established Metland Menteng township in East Jakarta, Indonesia.

Keppel Land said in a statement that the company will hold a 50% stake in the joint operation which will yield approximately 500 landed homes with ancillary shophouses for sale. The deal was signed in Bali on Dec. 6, 2018.

Keppel Land’s share of the total development cost for the project is estimated to be about Rp600 billion (approximately S$57 million). The partners will jointly manage the project, which will be developed in phases.

The project will be Keppel Land and Metland’s second joint operation project following The Riviera at Puri, a gated riverfront landed estate in Tangerang, Greater Jakarta, comprising about 500 landed homes. The project has received positive response, with almost 90% of the development sold as at end-November 2018.

Goh York Lin, President (Indonesia), Keppel Land, said Indonesia is one of Keppel Land’s key markets and is committed to grow its presence in the country with a focus on Greater Jakarta.

“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,” he said.

Thomas J. Angfendy, President Director of Metland, said, the company is “excited” to deepen its partnership with Keppel Land for this second landed housing project.

“The upcoming development is strategically located with easy access to the Jakarta central business district and amenities such as hospitals and schools, as well as myriad lifestyle offerings,” Angendy said.

The site is located in a mature residential precinct with several landed housing township developments.

Future residents will include a spectrum of shopping, dining and leisure amenities at AEON Mall, Carrefour, Giant and the upcoming IKEA as well as well-known schools such as Global Mandiri and Santo Yoseph. In addition, medical institutions such as Mayapada and Citra Harapan hospitals, are also located nearby.

The site also enjoys excellent connectivity to Jakarta’s city centre via the Jakarta Outer Ring Road, which is located only two kilometres away. The Soekarno-Hatta International Airport is also just a 60-minute drive away via the Tanjung Priok Port Toll Road, while the East-West Inner Toll Road, which is currently under construction, and the future Ujung Menteng Mass Rapid Transit station are located within one kilometre away.

The abovementioned transaction is not expected to have any material impact on the net tangible assets and earnings per share of Keppel Corporation Limited for the current financial year. (*)

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