Property developers from Japan, Hong Kong, and Singapore are working on several projects in Jakarta outskirt worth $915 million in total in a push to cater to middle income population that has outgrown the capital city. (JG Photo/ Syarifah Ryaclaudia)
Foreigns Developer Keen on $915m Serpong Assets
BY :EDO RUSYANTO
FEBRUARY 08, 2016
Jakarta. Property developers from Japan, Hong Kong and Singapore are working on several projects in the outskirts of Jakarta worth $915 million in total in a push to cater to the city's growing middle income population.
"Jakarta is getting crowded and land for development has shrunk. The only way to develop this city is to go out to the satellite towns," said Bill Cheng, the president director at Singapore-based Brewin Mesa Development.
Brewin plans to build two apartment towers in Alam Sutera, Tangerang, to the south of the capital city.
The Rp 1.3 trillion ($100 million) projects would supply 496 apartments in the area over the next few years.
Hong Kong's Datzo Investama plans to build $140 million worth of property projects in Serpong.
The projects follow in the steps of Hong Kong Land, which is building a Rp 5 trillion project in Indonesia through its unit Bumi Parama Wisesa.
Tokyu Land Indonesia, a unit of the Japanese developer, is also working on Rp 4.2 trillion projects in Serpong. The company develops condominium tower under Branz brand, which broke ground last September. The project is scheduled for completion in 2018.
Brewin's Cheng believed Serpong would continue to attract customers and developers alike, thanks to the area's well developed public facilities like schools, roads, drinking water network, hospitals and offices.