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3 M’sian firms sign up for RM3.5 billion Jakarta housing project

Mimi Sabreena 11:59:00 AM Free Malaysia Today, Mukah Pages

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JAKARTA: Malaysia and Indonesia’s largest property developers are teaming up to develop an affordable housing project in greater Jakarta.

Three Malaysian companies – Sime Darby Bhd, I and P Group Sdn Bhd and SP Setia (Indonesia) Sdn Bhd – signed an MoU on Tuesday with Indonesia’s PT Hanson International Tbk to jointly undertake the project here.

The project, with a gross development value of RM3.5 billion on a 500-hectare land, is situated in Maja, Tangerang, about 80km from Jakarta, according to a report in The Star.

Maja is near industrial areas in the Banten province where there are about 400,000 people working in 1,500 factories. It is about 90 minutes away from central Jakarta by train.

The memorandum of understanding (MoU) was signed Tuesday between the companies on the sidelines of the 12th World Islamic Economic Forum (WIEF) here. It was witnessed by Malaysian Prime Minister Najib Razak and WIEF Chairman Musa Hitam.

Under the MoU, the companies have proposed to enter into a joint venture, whereby the Malaysian entities will have an equity interest of 20 per cent each, while PT Hanson holds the rest, according to the Sime Darby website.

PT Hanson is one of Indonesia’s largest property developers by landbank, owning more than 3,500 hectares in greater Jakarta.

The four companies in a joint statement said, the proposed project is next to an existing township called Citra Maja Raya, which started development in 2015.

Citra Maja Raya is being developed by PT Hanson in partnership with Ciputra Group, one of Indonesia’s largest developers, the report said.

The four companies will finalise the details and work on an agreement within three months, said the statement.

Hanson Group chairman Edi Yosfi was quoted in the Sime Darby website entry as saying the group was proud to partner companies from Malaysia with extensive experience in the property development industry.

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