Keppel Land acquires Jakarta site for S$59mil

Christopher Chitty20 Sep 2017

Keppel Land logo

Keppel Land has acquired a parcel of land in Jakarta’s central business district for 586 billion rupiah (S$59.4 million).

This comes after its wholly-owned subsidiary PT Sukses Manis Tangguh entered into a conditional sales and purchase agreement with Bank Central Asia to acquire the prime site.

With a gross floor area of around 390,000 sq ft., the site is adjacent to the International Financial Centre Jakarta, a commercial development of Keppel Land.

Keppel Land has revealed plans to develop a luxury apartment tower on the site, which could yield around 400 units. The company expects the total development cost to stand at S$170 million.

It also intends to “tap on the synergies of the two developments to create a vibrant live-work-play destination”.

“Indonesia is one of Keppel Land’s key growth markets where we are strengthening our presence in Jakarta,” said Keppel Land CEO Ang Wee Gee.

“We will leverage our extensive expertise as a leading developer of prime developments across Asia to develop a premium high-rise tower that will meet the needs of a growing expatriate and local business community seeking well-located and well-appointed apartments in the city centre,” he said.

Keppel Land does not expect the acquisition to materially affect its earnings per share and net tangible asset per share for the current financial year.


Senior Content Specialist, Christopher Chitty, edited this story.


You may also like these articles

Pine Grove to go en bloc again

View of the 660-unit Pine Grove, a former HUDC estate near Ulu Pandan. (Photo: Google Maps)After two failed attempts in 2008 and 2011, owners at Pine Grove near Ulu Pandan are trying their luck again

Continue Reading15 Sep 2017

UBS avoiding Singapore, HK housing markets

The bank feels that Singapore's housing market is too heavily regulated. Multinational bank UBS is avoiding the housing markets of Singapore and Hong Kong as there is a tendency for the governments o

Continue Reading18 Sep 2017

Housing market on road to recovery, say experts

Developer sales for the first eight months of this year has surpassed last year's total sales. Singapore’s residential market appears to be rebounding, with private home sales reaching about 8,391

Continue Reading18 Sep 2017

Tee Land to acquire Upper Thomson sites for $25.74m

The developer intends to build a residential block on the land.Tee Land has entered into six option-to-purchase (OTP) agreements to acquire the freehold interest in six plots of land at Seraya Crescen

Continue Reading19 Sep 2017