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.