Mitsubishi Estate to join huge urban development project in Jakarta
JAKARTA, NNA - Major Japanese real estate developer Mitsubishi Estate Co. will join a large-scale urban development complex project in the Indonesian capital of Jakarta in anticipation of economic recovery in the aftermath of the coronavirus pandemic.
Mitsubishi Estate on Wednesday announced its participation in the 52.1 billion yen ($470 million), 33,000-square-meter Oasis Central Sudirman complex project, its biggest undertaking in the Southeast Asian country.
The project features a 75-story building housing offices, serviced apartments and other commercial facilities and a 65-story condominium building, the Tokyo-based company said.
The 75-story building will be about 340 meters high and become one of the nation's largest skyscrapers.
Construction will begin in early 2024, and the project is scheduled for completion around 2028.
Mitsubishi Estate said PT Oasis Central Investment, its joint venture with local developer PT Benhil Property, will jointly carry out the project with PT Taspen Properti Indonesia, a real estate subsidiary of the state-run PT Taspen social insurance enterprise for civil servants.
The joint venture holds 70 percent of shares in PT Central Sudirman Development, a company set up to implement the project, and PT Taspen Properti the remaining 30 percent.
Mitsubishi Estate foresees continued growth in the real estate market in Indonesia, backed by resilient economic strength, a Mitsubishi Estate official in Tokyo told NNA. (NNA/Kyodo)