JAKARTA, presidentpost.com – PT Grahabuana Cikarang, a subsidiary of PT Jababeka Tbk and the management company of middle-up residential area Jababeka Residence, signed a memorandum understanding (MoU) on Monday (28/8) at Batavia Tower, Jakarta, with the Japanese Creed Group for a joint venture in a residential and commercial development.
The MoU was signed by Sutedja S. Darmono as President Director of PT Grahabuana Cikarang and Toshihiko Muneyoshi as founder and Managing Director of Creed Group.
Creed Group is a real estate investment company with abundant experiences in the development of real estate in Japan’s established market. Creed Group’s portfolio includes real estate financing, property development, property management and asset management.
Creed Group has been investing in the emerging real estate markets in Malaysia, Vietnam, Cambodia, Myanmar and Bangladesh since 2012, with an investment value of US$340 million by the end of 2015.
“Creed Group is currently focusing on developing businesses in Southeast Asia and Bangladesh, with a strategy of forging partnerships with the best local developers in the region and combining them with Creed Group expertise in Japan,” said Toshihiko Muneyoshi.
In the MoU, the two parties agreed to form a joint venture to develop an upscale apartment with a golf concept on an area of 3.7 hectares.
The golf apartment project will be named “Jababeka Signature Golf Apartment” which will be one of Jababeka’s latest projects in 2017. The share ownerships in the Jababeka Signature Golf Apartment will be 60% PT Grahabuana Cikarang’s and 40% Creed Group’s.
Sutedja said the cooperation is expected to bring positive impact for the performance of both companies. Moreover, both have competence in their respective fields that can provide products according to the needs of consumers.
Creed Group has an impressive, high-end property portfolio, such as condo, apartment, shopping mall, mixed-use development, hotel, cluster housing and golf course in Southeast Asia. While Jababeka also owns a high competency in the development of self-sufficient township with a population of 1.2 million, more than 700,000 workers, 10,000 expatriates, and a business place for 1,650 companies from 30 countries.
Jababeka’s collaboration and synergy with Creed Group, including the development of exterior and interior design, quality control and building management, is expected to bring Japanese cultural values that always prioritize the quality with a very good reputation to meet the needs of consumers in the city of Jababeka.
Nearly three decades, Jababeka Industrial Estate has developed into a self-sufficient township equipped with primary and lifestyle facilities with environmentally friendly designs. The Cikarang area, including Jababeka, is going to reap the positive impact from the government’s infrastructure macro-planning.
For example, the opening of new toll road access in Cikarang will be directly connected to the Jababeka Industrial Estate, the construction of Commuter LineCikarang KRL station, the plan of Mass Rapid Transit (MRT) line from Balaraja (Tangerang) to Cikarang (Bekasi), the extension of LRT to Cikarang and the construction of an elevated toll road.
The positive impact from the government’s infrastructure planning is expected to boost the value and property facilities in the region. Based on that fact, both parties agreed to build a partnership and business synergy with the principle of mutual benefits in the development and improvement of business activities in their companies.
Sutedja said that the cooperation in the golf apartment project is a first step for both companies in developing mutually beneficial cooperation in the future.
“Jababeka’s vision is to develop 100 self-sufficient townships like the one which Jababeka managed to achieve in Cikarang. We are proud to be the first partner from Indonesia to cooperate with Creed Group to further develop Jababeka township, because Creed Group has an impressive portfolio of properties especially in Southeast Asian countries other than Japan, such as Vietnam, Cambodia, Bangladesh, Myanmar and Laos,” he added.
Previously, PT Grahabuana Cikarang established a joint venture with two of Indonesia’s top property companies of PT Plaza Indonesia Realty Tbk and PT PP Property Tbk for the development of Mayfair Estate & Parklands (Plaza Indonesia Jababeka) superblock as well as the residential and commercial area of Little Tokyo. (TPP)