Jakarta. Indonesia's diversified conglomerate Astra International has joined forces with a Hong Kong-based multinational property group to develop Arumaya, a residential apartment complex worth Rp 1 trillion — around $74.5 million — in Jakarta after seeing signs of recovery in Indonesia's property market.
Arumaya will be developed by Brahmayasa Bahtera, a joint venture between Astra and Hongkong Land — a property investment, management and development group.
The Indonesian conglomerate controls 60 percent of the joint venture, and the rest is owned by Hongkong Land.
Both firms are under British conglomerate Jardine Matheson.
Located on arterial road Jalan T.B. Simatupang in South Jakarta, Arumaya will occupy an area of 2.6 hectares. It will have one 22-story tower with 262 residential units in it.
The exclusive apartment complex will also boast open green spaces and smart living facilities. It is located near two future MRT stations, Lebak Bulus and Fatmawati.
The entire project is slated for completion in 2022.
Wibowo Muljono, residential development head at Brahmayasa Bahtera, said the local property market has been stagnant in the last three years.
Most customers have been taking a wait-and-see stance and holding out from buying properties, he said.
But now, as macroeconomic conditions start to improve, Wibowo said he was more than confident the property market will recover soon.
"Demand is picking up this year, that's why we've decided to launch Arumaya so early in 2018," Wibowo told reporters on Wednesday (31/01) while adding the joint venture might launch two more new projects this year.
"I can't share any details yet, but they'll be valued higher than the Asya township project," Wibowo said.
Asya is a residential complex in Cakung, East Jakarta, where Astra and Hongkong Land joined forces with another local developer, Modernland Realty.
The three companies had poured in Rp 4 trillion to the less-exclusive Asya project last year.
Arumaya is Brahmayasa Bahtera's third project. Its second project was Asya, and the first was Andamaya Residence, a complex of three high-rise apartment towers on Jalan Jenderal Sudirman in Central Jakarta.