CapitaLand in JV to develop Jakarta integrated project

Singapore

PROPERTY giant CapitaLand has entered into a 50-50 joint venture with a subsidiary of Indonesian real estate, auto and mining group Credo Group to develop an integrated development in Central Jakarta.

The development is not expected to have a material impact on net tangible assets or earnings per share for its current financial year. It will comprise a Grade A office tower, mid- to high-end residential units, serviced residences and supporting retail space, with a total gross floor area of more than 40,000 square metres. Construction is expected to begin in 2015, and finish in 2018. The total development cost is about S$220 million.