Ascendas in maiden development project in Indonesia

ASCENDAS GROUP has made its first major stride in Indonesia, where it is jointly developing a mixed-use project in Tangerang, Greater Jakarta with a local player. This marks its maiden development project in South-east Asia's largest economy.

Under a joint venture agreement inked with PT Metropolitan Karyadeka Development (MKD) on Wednesday, the two companies will hold equal stakes in a 9.7 hectare project to be developed over four phases within Metland Cyber City.

Construction of phase one spanning 1.3 hectares of …