Singapore

KEPPEL Land has inked a conditional agreement to acquire a 4.6 hectare site in West Jakarta for 381.9 billion rupiah (S$40.2 million), where it plans to develop a high-rise condominum with ancillary shophouses and shop units.

The development, which will be launched in phases starting 2017, will consist of over 4,000 units, from studio apartments to three-bedroom units. Keppel Land is planning to position the property for sale to homebuyers in the middle-income segment, it said on Sunday. The firm, which has been growing its portfolio in Indonesia, counts Indonesia and Vietnam as its growth markets. Its core markets are Singapore and China.