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DEVELOPERS Sinarmas Land and KOP have agreed, through their subsidiaries, to develop parts of Nuvasa Bay, a high-end integrated residential and mixed-use development in Nongsa, Batam.
Sinarmas Land's subsidiary PT AFP Dwilestari and KOP's subsidiary KOP Properties on Sunday signed a memorandum of understanding to develop various parts of Nuvasa Bay's beachfront and lagoon areas for landed houses, low-rise condominiums, as well as other mixed-use commercial and hospitality developments.
The first phase of development of the 228-hectare Nuvasa Bay will cost about four trillion rupiah (S$409 million) over the next five years.
The developers plan to market 200 residential houses and 550 condominium units in the first launch, starting at the end of 2016. Construction is to start in the first quarter of 2017.
Ishak Chandra, chief executive of Sinarmas Land Strategic Development & Services, said KOP Properties, as an experienced developer, has an extensive portfolio of hotels and resorts, luxury residential and commercial projects.
He said the company believes "Nuvasa Bay will be the preferred investment choice for property investors who want to ride on Batam's high property growth rate, which incidentally is one of the highest in Indonesia".
Nuvasa Bay is located in Nongsa, a district in the largest city in the Riau Islands Province of Indonesia. It is surrounded by an 18-hole international championship golf course along a 1.2-km-long beachfront, and is a 30-minute ferry ride from Singapore and a 15-minute drive from Hang Nadim International Airport.