Sinar Mas, Panasonic to Develop $24m Residential Project in Cikarang

Panahome Deltamas Indonesia president director Kazuhiko Tanaka, third from left, Panasonic Gobel Group president commissioner Rachmat Gobel, fourth from left, Puradelta Lestari president director Hongky Jeffry Nantung, center, and Sinar Mas Land deputy chief executive Monik William, fourth from right. (Photo courtesy of Sinar Mas Land)

By : Sarah Yuniarni | on 1:16 PM September 18, 2018
Category : Business, Property

Jakarta. Property developer Sinar Mas Land has joined forces with Panasonic Homes Gobel Indonesia, a local unit of the Japanese multinational electronics corporation, to develop a Rp 360 billion ($24 million) residential housing project in Kota Deltamas, an integrated industrial, commercial and residential township in Cikarang, West Java.

The project, dubbed Savasa, will be developed by PanaHome Deltamas Indonesia, a joint venture between Sinar Mas Land's subsidiary Puradelta Lestari and Panasonic Homes, established in June last year.

The Panasonic Group controls a 51 percent stake in the joint venture, while the remainder belongs to Puradelta Lestari.

"After the recent opening of the Cikarang Japanese School and seeing the rapid development of Cikarang and the surrounding areas, we are confident to develop and provide high-quality Japanese-standard housing," Hongky Jeffry Nantung, president director of Puradelta Lestari and commercial chief executive of Sinar Mas Land, said in a statement on Sunday (16/09).

"We will collaborate with Panasonic Homes, which has experience in developing smart cities," he added.

Savasa will be developed in three stages on a total area of 37 hectares. The first phase will involve the building of 811 houses and 33 shophouses, divided into four clusters, on 13 hectares.

The houses will incorporate smart-living technology and be environmentally friendly, while also being  resistant to earthquakes. The homes will also be equipped with Panasonic air filtration systems.

Savasa, slated for completion in 2021, will be located in the Cikarang business district, close to transportation infrastructure such as the Karawang Railway Station, Jakarta-Cikampek Toll Road and the Jakarta-Bandung fast train, which is currently under construction.

"Together with Sinar Mas Land, we aim to achieve sustainable urban development and provide high-quality housing clusters for Indonesians," said PanaHome Deltamas Indonesia president director Kazuhiko Tanaka, who also heads Panasonic Homes Gobel Indonesia.

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