Japanese realtor Shinoken starts 2nd serviced apartment in Indonesia
JAKARTA, NNA – Japanese realtor Shinoken Group Co. has started developing its second serviced apartment in Indonesia in its aggressive expansion move in Southeast Asia’s largest economy.
The company said last Friday that PT Shinoken Development Indonesia, its property development arm, began building the Sakura Terrace serviced apartment with 60 rooms in the western Jakarta for scheduled completion in late 2021.
Shinoken, which develops investment properties such as apartments in Japan, is also set to embark on the construction of its third and fourth serviced apartments near Setiabudi MRT station in central Jakarta as early as September, a spokesman in Tokyo said.
It has already secured sites for its fifth and sixth such properties as well, it said in a statement.
PT Mustica Cipta Kharisma, a local contractor under the Japanese group, is undertaking all the projects, the statement added.
The Tokyo-based realtor became the first foreign company to obtain a license for the management of a real estate investment trust (REIT) in Indonesia last year.
PT Shinoken Asset Management Indonesia, its local real estate management arm, will earn continued leasing fees after developing and managing a series of the serviced apartments and also could sell them to the REIT to offset investment costs and receive returns on assets, according to the statement.
The third and fourth properties, which have 38 and 33 rooms respectively, are scheduled to be completed in early 2022, the statement said.