PT Sukses Manis Indonesia to Jointly Develop Landed Housing Project with PT Metropolitan Land Tbk at Metland Menteng
December 18, 2018 at 04:24 am EST
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Keppel Land Limited, through its wholly-owned subsidiary, PT Sukses Manis Indonesia, has entered into an agreement with PT Metropolitan Land Tbk (Metland), to jointly develop a 12-hectare residential site in the established Metland Menteng township in East Jakarta, Indonesia. Keppel Land will hold a 50% stake in the joint operation which will yield approximately 500 landed homes with ancillary shophouses for sale. Keppel Land's share of the total development cost for the project is estimated to be about IDR 600 billion (approximately SGD 57 million). The partners will jointly manage the project, which will be developed in phases. This follows the General Collaboration Agreement signed earlier between Keppel Land and Metland to collaborate on residential projects owned and occupied by Metland in Greater Jakarta. This will also be Keppel Land and Metland's second joint operation project following The Riviera at Puri, a gated riverfront landed estate in Tangerang, Greater Jakarta, comprising about 500 landed homes. The project has received positive response, with almost 90% of the development sold as at end-November 2018. The site is located in a mature residential precinct with several landed housing township developments. Future residents will enjoy a spectrum of shopping, dining and leisure amenities at AEON Mall, Carrefour, Giant and the upcoming IKEA. Reputable schools such as Global Mandiri and Santo Yoseph, as well as medical institutions such as Mayapada and Citra Harapan hospitals, are also located nearby. The site also enjoys excellent connectivity to Jakarta's city centre via the Jakarta Outer Ring Road, which is located only two kilometres away. The Soekarno-Hatta International Airport is also just a 60-minute drive away via the Tanjung Priok Port Toll Road, while the East-West Inner Toll Road, which is currently under construction, and the future Ujung Menteng Mass Rapid Transit station are located within one kilometre away.
PT Metropolitan Land Tbk is an Indonesia-based development company. The business activities carried on by the Company comprise of land acquisition, real estate development, leasing, hotels construction and operation, sale of land and buildings, including residential houses and shop houses, and investing in its subsidiaries. The Company's segments include real estate, shopping centers, hotels, and others. Real estate consists of retail sale of land, residential houses, office houses, apartment and offices. It is engaged in developing approximately seven residential projects spread across Jakarta, Bekasi and Tangerang with lower middle, middle and upper middle market segments. The Company also develops commercial projects, such as shopping centers and hotels. It develops high-rise buildings, including a combination of apartment and office buildings. M Gold Tower is one of the apartment and office projects being developed in Bekasi. Another project by the Company is the Kaliana Apartment.