ASCENDAS GROUP has made its first major stride in Indonesia, where it is jointly developing a mixed-use project in Tangerang, Greater Jakarta with a local player. This marks its maiden development project in South-east Asia's largest economy.

Under a joint venture agreement inked with PT Metropolitan Karyadeka Development (MKD) on Wednesday, the two companies will hold equal stakes in a 9.7 hectare project to be developed over four phases within Metland Cyber City.

Construction of phase one spanning 1.3 hectares of land is expected to begin next year, with an estimated development cost of S$300 million. It will be a mix of residential apartments, offices and supporting amenities covering a total gross floor area of about 130,000 square metres.