Jakarta. Stern Resources Group, an American real estate developer and healthcare investment company is establishing a joint venture with Indonesian property developer Royal D'Paragon Land, the company said in a statement on Tuesday.
The joint venture called Royal D'Paragon International will be based in New York and affiliated to parent company Stern Resources Group, also based in the same city.
"Through Royal D'Paragon International LLC, funds will be disbursed to Royal D'Paragon Land in Indonesia," Muhamad Syarif Hidayat, the owner of Royal D'Paragon Land said in the statement.
He said the Indonesian developer plans to use the funding from joint venture to develop property projects, one of which is premium boarding houses that targets expatriates.
Hartadinata Harianto, co-chief executive of Stern Resources in New York said the company is confident with the prospects of collaboration with the Indonesian partner as D'Paragon is considered to have experiences in property management and building management.
Hartadinata is one few successful Indonesian diaspora, who lived in the United States and became a professional. At his young age, he received Ambassador's Awards for Excellence from Indonesian Ambassador in the United States.