Chinese Company to Invest $1b in West Jakarta Property Development
Jakarta. China Communications Construction Group, the largest mainland state-controlled construction company listed in Hong Kong, plans to invest $1 billion in a mixed-use property development project in West Jakarta, a senior official said on Thursday (09/06).
China Harbor Indonesia president director Shen Chao said the CCCG believes Indonesia is a strategic investment destination, following the government's efforts to improve doing business in the country. The country's population of more than 250 million also makes it an attractive market to tap.
"We are very comfortable with the Indonesian government policy regarding the development of the mass rapid transit project and infrastructure. This project will have a positive impact and will improve social welfare and economic growth significantly, " Shen said.
"The superblock property will consist of 30 apartment towers with a starting selling price of Rp 300 million [$22,563] for a studio apartment. In the first stage, we will build eight towers, which are expected to be completed in three years," Shen added.
CCCG will also expand its property business to other cities, such as Surabaya in East Java and Medan, North Sumatra.
CCCG was established in 2005 resulting from a merger between Chinese construction giants China Harbor Engineering Company and China Road & Bridge Corporation.
The company has had a strong presence in Indonesia for the past two decades through one of its subsidiaries, China Harbor Indonesia. Its notable projects include the Surabaya-Madura (Suramadu) bridge and the Jakarta International Container Terminal.
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