Artist’s impression of Nuvasa Bay, an upscale development in Batam.
Indonesia’s Sinarmas Land signed a memorandum of understanding (MOU) with Singapore-listed KOP Properties on Sunday (31 July) to develop parts of Nuvasa Bay, a high-end integrated residential and mixed-use development in Nongsa, Batam.
The signing ceremony was graced by several international delegates, including Mr Abdurrahman Mohammad Fachir, Indonesia’s Vice-Minister of Foreign Affairs.
Sinarmas Land and KOP Properties will look to develop landed houses, low-rise condominiums, as well as other mixed-use commercial and hospitality developments on the 228ha site.
KOP Properties, which developed Montigo Resorts in Nongsa, will offer its expertise in luxury residential real estate development and hospitality management.
Meanwhile, the first phase of Nuvasa Bay will incur a development capital expenditure of approximately Rp. 4 trillion (S$400 million) over the next five years.
In a statement, both companies said they plan to market 200 residential houses and 550 condo units in the first launch, starting at the end of 2016. Construction will commence in Q1 2017.
Ishak Chandra, CEO for Sinarmas Land Strategic Development and Services, said that Nuvasa Bay is dedicated to affluent Indonesians, as well as foreign investors such as Singaporeans and Malaysians.
“We believe that Nuvasa Bay will be the preferred investment choice for property investors who want to ride on Batam’s high property growth rate, which incidentally is one of the highest in Indonesia,” he said.
Located 30 minutes away from Singapore, Nuvasa Bay is situated along the beachfront and is surrounded by an 18-hole golf course.
The accessibility of Nuvasa Bay from other parts of the island will also be further improved with the development of a new outer ring road and the Lelay Bridge, which will cut travel time to 15 minutes from the city centre and 30 minutes from Nagoya Hill, Batam’s biggest mall.