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UOL unveils 2 deals to strengthen its Indonesian hospitality portfolio

UOL Group on Monday announced that it has acquired 180 apartments and ancillary facilities at Thamrin Nine's Tower 2 for US$56.3 million from Indonesian developer PT Putragaya Wahana. It plans to develop the apartments into a 180-key Parkroyal Serviced Suites. 

Located in central Jakarta, Thamrin Nine is a 5.4 hectare mixed-use development - comprising apartments, hotel, offices, retail and other facilities - situated along Jalan MH Thamrin Jakarta Pusat, a prestigious address in Indonesia's golden triangle. 

The site will be directly connected to the upcoming Dukuh Atas MRT Station via an underground link. Constructed in phases, Tower 2 is expected to be completed in 2022. UOL plans to finance the acquisition by internal resources and external borrowings.

It added that the purchase is not expected to have a material impact on the group's net tangible assets or earnings per share for the fiscal year ending Dec 31, 2018.

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At the same time, UOL also announced that its hospitality subsidiary Pan Pacific Hotels Group  (PPHG) has signed a hotel management agreement with the same Indonesian developer, PT Putragaya Wahana, to operate a 200-key hotel to be known as "Parkroyal Jakarta" hotel within Tower 2 of the same development.

On July 31 last year, PPHG also signed a management contract with PT China Sonangol Media Investment to operate an approximately 179-unit Pan Pacific Serviced Suites Jakarta in the North Tower of Indonesia 1 located along Jalan Thamrin. This is slated to open by 2020. 

UOL deputy CEO Liam Wee Sin said the latest deals bring the total number of owned and managed hotels and serviced suites in Jakarta to three, and are in line with the property company's plans to expand its hospitality presence in the fast-growing city.

UOL shares closed flat at S$6.79 on Monday.

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