Puradelta Lestari, a listed industrial complex developer, has signed an agreement with PanaHome Asia Pacific, a property arm of Japanese electronics giant Panasonic, to develop a residential project in the former's Deltamas City. (Antara Photo/Indrianto Eko Suwarso)

Puradelta, Panasonic Join Hands for $225m Cikarang Property Project

BY : DEVIE KANIA

JUNE 02, 2017

Jakarta. Puradelta Lestari, a listed industrial complex developer, has signed an agreement with PanaHome Asia Pacific, a property arm of Japanese electronics giant Panasonic, to develop a residential project in the former's Deltamas City in Cikarang, West Java with an investment of Rp 3 trillion ($225 million) over the next nine years.

Both companies agreed to establish a joint venture, called PanaHome Deltamas Indonesia, with Puradelta holding 49 percent of the shares. PanaHome Gobel Indonesia, the local unit of PanaHome Asia Pacific, will have the majority share.

"The total value of the residential project to be developed by PanaHome Deltamas is estimated to reach Rp 3 trillion, and it will be developed until 2026," said Puradelta said in a statement on Wednesday (31/5).

PanaHome Deltamas will bring to Indonesia Panasonic's experience and expertise in developing sustainable smart towns, Purdelta said.

"Then, the most important thing, the purpose of establishing PanaHome Deltamas is to create safe and comfortable residential districts, with a good and balanced lifestyle," the company said in the statement.

Since 2002, Puradelta Lestari has been developing its flagship 3,200-hectare Deltamas City, which integrates an industrial complex with a residential area.

The company has managed to sell 36 hectares of the industrial estate since January, equivalent to 60 percent of the year's 60-hectare target, Puradelta director Hermawan Wijaya said, adding that it is confident to book Rp 1.5 trillion in marketing sales of the property that has yet to be built.

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