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GIC-Intiland JV to own and develop South Quarter complex in Jakarta
SINGAPORE'S sovereign wealth fund GIC has formed a 40-60 joint venture (JV) with Indonesia's property developer PT Intiland Development that owns and manages the integrated mixed-use complex South Quarter.
This collaboration follows the signing of a JV agreement in November 2016.
The South Quarter complex occupies 7.2 hectares in the TB Simatupang corridor in South Jakarta. The location has a direct toll access to the Soekarno-Hatta International Airport and is along the Mass Rapid Transportation lane, which is expected to be completed in 2018.
The TB Simatupang corridor is a business hub, where the offices of many national and multinational companies across multiple industries are located.
Intiland has completed South Quarter Phase I which comprises three 20-floor office towers with a building floor area of 123,000 square metres and retail facilities occupying 12,500 square metres. Together with GIC, Intiland will develop South Quarter Phase II, which comprises two condominium towers and is expected to launch in the fourth quarter of 2017.
Lee Kok Sun, chief investment officer and regional head, Asia for GIC Real Estate, said: "We remain confident in the long-term growth potential of Indonesia, with its favourable demographics and continued structural reforms. As a long-term value investor, we believe the high-quality and well-located South Quarter mixed-use complex will be an attractive addition to our portfolio."