Keppel Land’s wholly owned subsidiary PT Sukses Manis Indonesia entered a tie up with Indonesian property developer PT Metropolitan Land, or Metland, to jointly develop a 12-hectare residential site in East Jakarta, the two said on Tuesday.
Keppel Land will hold a 50 percent stake in the jointly managed project, which will include around 500 landed homes with ancillary shophouses, it said in a filing to SGX after the market close on Tuesday.
The share of the development cost for Keppel land is estimated at around 600 billion rupiah, or around S$57 million, it said.
Goh York Lin, president for Keppel Land in Indonesia, said the country was one of the company’s key markets, with plans to expand its presence there, particularly in 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,” Goh said.
The project follows a tie-up Keppel Land and Metland signed earlier this month for residential projects owned by Metland in Greater Jakarta, it said.
It will be Keppel Land and Metland’s second joint project after The Riviera at Puri, a gated riverfront estate in Tangerang, Greater Jakarta, with around 500 landed homes, it said. That project was nearly 90 percent sold as of end-November, it said.
Keppel Land is the property arm of Singapore-listed conglomerate Keppel Corp.