Keppel Land has four residential projects in Greater Jakarta which could yield more than 8,300 homes.
Keppel Land has announced that it will jointly develop residential projects in Greater Jakarta with an investment value of up to INR5 trillion (about $470 million) with PT Metropolitan Land Tbk (Metland).
This comes after its fully-owned subsidiary Keppel Land (Indonesia) signed a non-binding collaboration agreement with Metland.
The agreement will see Keppel Land and Metland each injecting an equal amount of capital for joint residential projects.
This follows their first collaboration to develop around 500 landed homes at the gated riverfront estate The Riviera at Puri, which is located in Tangerang, Greater Jakarta. The two developers are also exploring a residential site in East Jakarta.
“We are constantly on the lookout for strategic alliances with like-minded partners to grow our business. 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,” said Keppel Land president (Indonesia) Goh York Lin.
Keppel has been present in Indonesia for more than two decades. Keppel Land, the property arm of Keppel Corp, has four residential projects in Greater Jakarta which is expected to yield more than 8,300 homes.
Keppel Land does not expect the collaboration agreement to materially affect the group’s net tangible assets and earnings per share for the current financial year.
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Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email firstname.lastname@example.org