As part of its plans to boost its portfolio in Indonesia, Keppel Land has inked a conditional agreement to acquire a 4.6 hectare site in West Jakarta for 381.9 billion Indonesian Rupiah (S$40.2 million).
Keppel Land subsequently plans to enter into a sales and purchase agreement to develop a high-rise condominum with ancillary shophouses and shop units.
The development, which will be launched in phases starting 2017, will consist of over 4,000 apartment units, from studio apartments to three-bedroom units. Keppel Land is planning to position the property for sale to homebuyers in the middle-income segment, it said in an announcement on Sunday.
"Indonesia is one of Keppel Land's key growth markets where we will continue to further strengthen our presence," said Sam Moon Thong, president (Indonesia) for Keppel Land. "We believe that the country's steady economic growth, underpinned by strong fundamentals, will continue to support demand for well-located and affordable homes."