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Sovereign wealth fund GIC and Indonesian property developer PT Intiland Development have formed a 40:60 joint venture to own and manage the integrated mixed-use South Quarter complex (pictured) in Jakarta.
This comes after both parties signed a joint venture agreement in November 2016.
“We are pleased to establish this strategic partnership with GIC, a global investment firm,” said Archied Noto Pradono, Executive Director of Capital Investment at Intiland.
“This joint venture will leverage both our strengths and experience developing world-class property projects. It will also help to strengthen Intiland’s finances and project development.”
Situated on a 7.2ha site within the TB Simatupang corridor in South Jakarta, South Quarter is a favoured office location for many multinational companies in Indonesia. It offers direct toll access to Soekarno-Hatta International Airport and is located along the Mass Rapid Transportation lane, which is set for completion next year.
Intiland has completed South Quarter Phase I, which features three 20-floor office towers with a floor area of 123,000 sq m and retail facilities.
GIC and Intiland will develop South Quarter Phase II, which comprises two condominium towers slated to launch in Q4 2017.
“We remain confident in the long-term growth potential of Indonesia, with its favourable demographics and continued structural reforms. As a long-term value investor, we believe the high-quality and well-located South Quarter mixed-use complex will be an attractive addition to our portfolio,” said Lee Kok Sun, Chief Investment Officer and Regional Head in Asia for GIC Real Estate.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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