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PROPERTY player Keppel Land has bought a prime site in Jakarta's central business district, on which it intends to build a luxury apartment tower.
Keppel Land announced on Tuesday that it entered into the conditional sale-and-purchase agreement, through its wholly owned subsidiary PT Sukses Manis Tangguh, with Indonesia's Bank Central Asia.
It will acquire the site - which is adjacent to Keppel Land's commercial development, International Financial Centre Jakarta - for a total consideration of 586 billion rupiah (S$60 million).
Keppel Land said that it plans to develop a premium high-rise tower on the site, which could yield about 400 luxury apartments. The total development cost is estimated to be S$170 million.