Keppel Land, Metland in second tie-up for Jakarta residential project

KEPPEL Land on Tuesday said that it has, through its wholly-owned subsidiary PT Sukses Manis Indonesia, signed an agreement with Indonesian property developer, PT Metropolitan Land (Metland), to jointly develop a 12-hectare residential site in the Metland Menteng township in East Jakarta, Indonesia.

Keppel Land will hold a 50-per-cent stake in the joint operation which will yield about 500 landed homes with ancillary shophouses for sale. Keppel Land's share of the total development cost for the project is estimated to be about 600 billion rupiah (S$57 million).

The partners will jointly manage the project, which will be developed in phases. This follows the general collaboration agreement signed earlier between Keppel Land and Metland to collaborate on residential projects owned and occupied by Metland in Greater Jakarta.

This will be Keppel Land's and Metland's second joint project following The Riviera at Puri, a gated riverfront landed estate in Tangerang, Greater Jakarta, comprising about 500 landed homes. The project has received positive response, with almost 90 per cent of the development sold as at end-November 2018.

The site is located in a mature residential precinct with several landed housing township developments. 

Shares of Keppel Corp closed nine Singapore cents or 1.5 per cent lower at S$6.01 on Tuesday.