Keppel Land (Indonesia) has signed a non-binding general collaboration agreement with PT Metropolitan Land, or Metland, to cooperate on residential projects in greater Jakarta, in a deal with an investment value of up to 5 trillion rupiah, or around S$470 million, the two said in a filing to SGX on Thursday.
Under the deal, Keppel Land and Metland will inject equal amounts of capital for joint residential projects, it said.
Previously, Keppel Land and Metland collaborated on a project to develop 500 landed homes at The Riviera at Puri, a gated riverfront estate in Tangerang, Greater Jakarta, the statement said. The two are also considering a residential site in East Jakarta, it said.
Goh York Lin, president for Indonesia for Keppel Land, said, “Keppel Land will collaborate with Metland on residential projects in Greater Jakarta, where Keppel Land can tap on Metland’s wide network in the country, while sharing with Metland our experience and best practices in property development.”
Keppel Land has four residential projects in Greater Jakarta, which are expected to create more than 8,300 homes, with the projects including The Riviera at Puri, West Vista at Puri, a high-rise residential development in Jakarta’s central business district and a residential project in West Jakarta, the filing said.
Keppel Land (Indonesia) is a wholly owned subsidiary of Keppel Land, which is the property arm of Keppel Corp.