Mitsubishi Corp. to develop residential towers in Indonesia with local firm
JAKARTA, NNA – Mitsubishi Corp. will build a complex of 10 residential high rises at an industrial park in Indonesia, in partnership with a local company.
The Japanese trading house said on Wednesday that its subsidiary PT Diamond Development Indonesia had formed a joint venture with PT Sirius Surya Sentosa, a unit of PT Vasanta Indo Properti.
Mitsubishi owns 49 percent of the joint firm, with investment up to 15 billion rupiah ($1.1 million), while PT SSS holds the remaining 51 percent.
The new firm, PT Vasanta Diamond Development, will build 10 apartment blocks in the 12-hectare, 17-tower Vasanta Innopark project, a city of Japanese-style residential and commercial towers in the MM2100 industrial park in West Cikarang, West Java.
Construction of the first two towers, each 35 stories with 805 units, began in March and 80 percent of the units have been sold, according to Sirius Surya Sentosa.
“Mitsubishi Corp. is currently focusing on urban residential areas,”
Kenji Shimazaki, marketing director of PT Mitsubishi Corp. Indonesia, told news media in Senayan City, South Jakarta on Wednesday.
“We had seen the PT VIP apartment project before and the results were very good with Japanese standards for quality buildings,” he said.
MM2100 is home to 364 companies employing 130,000 people, according to Yoshihiro Kobi, president director of PT Bekasi Fajar Industrial Estate Tbk, which established the MM2100 industrial Town. He said 60 percent of the companies are Japanese, 30 percent are South Korean and the rest are other Asian and European.
Construction of the 43-story, 683-unit third tower will begin early next year. Residential units are now on sale, priced at 450 million rupiah for studios and 900 million rupiah for family units.
Mitsubishi and Vasanta officials sign a contract in Senayan City, South Jakarta on Wednesday to jointly develop a project at West Java.