Brewin Mesa Sutera, a local property developer arm of Asian conglomerates Wing Tai Asia and Pontiac Land Group, plans to develop an apartment project worth Rp 1.3 trillion ($100 million) in South Tangerang, Banten, top executives said on Tuesday (04/10). (Photo courtesy of Inke Maris)
Wing Tai Asia and Pontiac Group Expand Into Indonesia via Rp 1.3t Apartment Project
BY :SARAH YUNIARNI
OCTOBER 04, 2016
Jakarta. Brewin Mesa Sutera, a local property developer arm of Asian conglomerates Wing Tai Asia and Pontiac Land Group, plans to develop an apartment project worth Rp 1.3 trillion ($100 million) in South Tangerang, Banten, top executives said on Tuesday (04/10).
BMS plans to develop two apartment towers on 85,000 square meters in Alam Sutera, with the groundbreaking scheduled for mid-November. The project, which will be known as The Lana, will contain 496 apartment units. The entire project is slated for completion in 2019.
"Through Wing Tai Asia and Pontiac Land Group, our owners have many years of experience in delivering outstanding buildings that are recognized for their innovative designs, superior construction quality and efficient and functional layouts," BMS president director Bill Cheng said. "These same qualities will be adopted by The Lana, which is designed by one of the top architects in the world."
BMS, established in 2003, is jointly owned by Singapore-incorporated companies Brewin Mesa and Shenning Emerging Asia Real Estate Fund.
Brewin Mesa is in turn controlled by Brewin Properties and MESA Investment Private Limited. Brewin Properties is in turn an investment arm of the Cheng family, which controls Hong Kong-incorporated Wing Tai Asia, one of Asia's leading developers of premium properties.
MESA Investment is controlled by members of the Kwee family, which in turn controls Pontiac Land Limited, a leading real estate company with various portfolios in Singapore, including mixed-use developments, medical centers, premium office towers, luxury hotels and residential developments.
Pontiac Land's portfolio includes the luxury hotels Regent and Ritz-Carlton in Singapore.
Shenning Emerging Asia is also controlled by the Pontiac Land Group.
"Through The Lana, we will be delivering a high quality and innovative apartment that stands out as the best development in its class. We are very excited and optimistic for the soft opening of our first project in Indonesia, with many more to come in the future," Cheng said. "We specifically chose Alam Sutera because it is nearby West Jakarta and close to Soekarno-Hatta airport, while it is also the only well-planned area in Greater Jakarta where prospective customers can enjoy the green scenery."
Cheng said this is a good moment to build property projects in Indonesia as the repatriation of assets from the tax amnesty program is expected to peak by the end of the year.
"Investors can allocate their money to buy property units and invest in infrastructure," he said.
The apartment project boasts a grand design by award-winning American architect Andrew Bromberg, and targets young upper-middle-class families and individuals who want to buy their first homes.
Bromberg, who also serves as one of the global board directors at global architect firm Aedas, said the project emphasizes sustainability with green viewing private facilities, such as meditation rooms and areas with big glass windows connecting apartment owners to the surrounding green scenery.
Marketing activity, which includes private viewing for prospective customers to see sample units, will start in late October, Brewin Mesa sales and marketing general manager Stevie Faverius Jaya told reporters.
Stevie said the company offers a so-called progressive payment scheme, which is common in Singapore.
The scheme refers to installments on homes and other property units, where each payment is made according to the project's particular stage of completion.
For example, prospective buyers pay 10 percent when the developer breaks ground on the project and another 20 percent when the construction commences.
Payments are made progressively until completion of the entire project.