ThePresidentPost.com – PT Kawasan Industri Jababeka Tbk (KIJA) and PT PP Properti Tbk have signed an agreement to set up a joint venture (JV) company to develop two projects, Riverview Residences and Riverwalk Commercial Park. Both parties have agreed to develop an area of 2.58 hectares in the Jababeka industrial area. They will build Riverview Residences, comprising 900 dwelling units. The project will have direct highway access and have a commercial facility.
The two parties injected capital of Rp73.87 billion in the JV with Jababeka holding 51% stake while PP Properti holding the rest.
PT PP Properti plans to develop and operate three new malls to boost its recurring income from the current 5 per cent to 10 per cent in the next three years. Total proposed investment for these malls is around Rp530 billion.
So far this year, PT PP Properti has launched several projects – such as Kamala Grand Lagoon on 28 hectares of land. The construction for the first phase of this project started last year and the company plans to build about 38 apartment towers, shopping malls, schools etc. It has also launched Sungkono Grand Lagoon, which is being built on 3.5 hectares and Grand Dharmahusada Lagoon that combines mixed-use residential and commercial areas.
Currently, the company has land banks of approximately 60 hectares. PP Property listed its shares on the Indonesian Stock Exchange in May 2015 following the spin-off from its parent company PTPP in December 2013. Jababeka has a land bank of 5,600 hectares in Jababeka Cikarang. Jababeka has developed an independent industry-based town in Cikarang, namely Kota Jababeka.