Mitsubishi undertaking its 1st detached house project in Indonesia

20, Jul. 2020

(Image courtesy of Mitsubishi Estate Residence)
(Image courtesy of Mitsubishi Estate Residence)

JAKARTA, NNA - Mitsubishi Estate Residence Co. has embarked on a joint housing development in Indonesia focused on its first single-family residence construction there to expand its business overseas.

Its local joint venture began receiving purchase bookings on Saturday for some of over 1,700 detached houses featuring Japanese decor on the outskirts of Jakarta, a Japanese official of PT. Mitsubishi Estate Indonesia told NNA.

The 27.7-hectare Daisan residential project in Banten Province, west of the capital, is part of Tangerang New City township development undertaken by China Fortune Land Development Co., said the Indonesian housing developer of a major Japanese realtor group led by Mitsubishi Estate Co. in a statement on Saturday.

Swancity MJR Investment Tangerang, a joint venture 51 percent owned by the Chinese partner and the remaining 49 percent by the Mitsubishi Estate group, is in charge of the Daisan project, said the official, who declined to be named. He did not disclose the total cost of the project.

Housing prices start from 888 million rupiah ($60,000) per unit, targeting upper-middle to high-income classes, according to the official.

The Daisan houses are conveniently located, with access to three highways and a 20-minute drive from Soekarno-Hatta International Airport.

The Tokyo-based group entered the Indonesian market in 2016 with an office building development project in Jakarta.

Mitsubishi Estate Indonesia was established in January 2019 to further expand business in Southeast Asia's largest economy, according to the group.

The company sees the partnership with the Chinese group as "the beginning of a long collaboration," Hiroshi Kato, president director of Mitsubishi Estate Indonesia, said in the statement. (NNA/Kyodo)