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Keppel Land will be spending S$266.4 million to redevelop the International Financial Centre (IFC) Tower 1 in Jakarta, Indonesia into a state-of-the-art tower that will offer a net leasable area to approximately 751,000 sq ft of premium grade office space.
The move follows Keppel Land’s recent announcement of expansion works of its 37-storey office tower in Saigon Centre Phase Two in Vietnam, as well as the 42-storey office building and retail mall extension of the SM-KL project Phase Two in the Philippines.
Located in Jakarta’s financial district and within the golden triangle zone, the current 18-storey IFC Jakarta Tower 1 was completed in 1985 and is wholly-owned by Keppel Land. The tower currently fully occupied with anchor tenants including Bank Mutiara, Tower Bersama, Ithaca Resources and Rintis Sejahtera.
“The redevelopment of IFC Jakarta Tower 1 also reaffirms Keppel Land’s long-term commitment to participate and contribute to Indonesia’s growth. We are confident that the prime location and premium quality of the IFC Jakarta complex will attract multinational and local corporations seeking a prestigious address in Jakarta’s CBD,” said Sam Moon Thong, President (Indonesia) at Keppel Land.
Redevelopment works will begin in Q1 2016 and is expected to be completed in Q4 2019.
Besides IFC Jakarta, Keppel Land’s Indonesia property portfolio includes a three-hectare residential site in West Jakarta acquired earlier this year and Ria Bintan, an integrated resort comprising hotels and championship golf courses.
Meanwhile, the on-going construction of IFC Jakarta Tower 2, which will have an NLA of about 540,000 sq ft, is progressing on track for completion in the fourth quarter of 2015, the company said in a statement.
Image: Artist’s impression of IFC Jakarta Tower 1 (Souce: Keppel Land)
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this and other stories, email nikki@propertyguru.com.sg
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