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Metro to invest 1.2 trillion rupiah in Jakarta residential project
PROPERTY development and investment group Metro Holdings has tied up with the Trans Corpora Group to develop, market and sell two residential towers in Bintaro, Jakarta, Indonesia, for a total investment value of 1.33 trillion rupiah (S$127 million).
Metro has committed to fund 90 per cent of the investment, or about 1.20 trillion rupiah (S$114 million) through its unit, Metro Property Investment (MPI). The Lee Kim Tah Group, which owns the remaining 10 per cent of MPI, will contribute 10 per cent.
The Bintaro project will occupy a site area of 1.6 hectares and comprise two residential towers with a combined 1,400 apartment units and 170 small office home office SoHo units.
The project is situated within Trans Park Bintaro, a mixed development project by Trans Corp located in Bintaro Jaya, a township in South Jakarta.
Metro said it is a popular residential area for business professionals working in the central business district, 15 km away from Jakarta through the toll road and railway line.
Trans Corp held a ground-breaking ceremony on March 23 to mark the commencement of the construction and development of the Bintaro project.
The project is expected to be completed in three years. The residential units are positioned for the middle to middle upper level market with quality design.