18 December 2018
Keppel Land and Metland strengthen collaboration with second residential project in Jakarta
Jakarta, 18 December 2018 – Keppel Land Limited (Keppel Land), through its wholly-owned subsidiary, PT Sukses Manis Indonesia, has entered into an agreement with leading Indonesian property developer, 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 Rp. 600 billion (approximately S$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.
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