Keppel Land buys Jakarta site for $42m

KEPPEL Land has acquired a residential site in West Jakarta for about $42 million.

The property group said yesterday that it would develop a high-rise condominium with more than 1,200 units, as well as about 60 ancillary shophouses, on the three-hectare site. This is part of Keppel's move to strengthen its foothold in Indonesia.

"Indonesia is one of Keppel Land's key growth markets where we will continue to build up our presence," Sam Moon Thong, president (Indonesia) of Keppel Land, said yesterday.