Hankyu Hanshin to launch townhouse project in Indonesia
JAKARTA, NNA - Hankyu Hanshin Properties Corp., a real estate arm of Japanese developer and railway conglomerate Hankyu Hanshin Holdings Inc., will start a townhouse project in Indonesia.
The Osaka-based firm signed a deal Tuesday with local developer Springhill Group's PT. Nuansa Hijau Lestari to initiate the Springhill Yume Lagoon project.
Hankyu Hanshin Properties will hold a 49 percent stake in the project and Nuansa the remaining 51 percent, the Japanese firm said without mentioning the investment amounts.
The two partners will carry out the project in the Cisauk district in Banten Province, about 30 kilometers southwest of Jakarta and a one-hour train ride from the capital.
They will build some 1,120 townhouse units, a Hankyu Hanshin Properties official told NNA on Wednesday. Sales will begin in February next year and the bulk of the new townhouses will be below 600 million rupiah ($43,000) each. (NNA/Kyodo)