CapitaLand injects $220m into its maiden Indonesian integrated development

The project will be in Jakarta’s CBD.

CapitaLand today revealed that it has entered a 50-50 joint venture agreement with a subsidiary of Credo Group to develop an $220m integrated development in Central Jakarta, Indonesia.

The integrated development, CapitaLand’s first in Indonesia, will comprise a Grade A office tower, mid- to high-end residential units, serviced residences and supporting retail space, spanning a total gross floor area of over 40,000 square metres. 

The project is estimated to be completed in 2018, while construction for the development is expected to begin in 2015. It will be located in a 1-hectare site located within the central business district of Jakarta. 

Under the agreement, the JV will acquire from CG a 1-hectare site located within the central business district (CBD) of Jakarta.