Keppel Land acquires prime site in Jakarta for $60m

It will develop a tower that could house 400 luxury apartments.

Keppel Land Limited (Keppel Land) has acquired a prime site in Jakarta's Central Business District (CBD) for $60m.

According to a press release, Keppel Land plans to build a high-rise tower that could house about 400 luxury apartments.

Development costs are expected to reach $170m.

The site has an area of 83,000 sqft. with a gross floor area of around 390,000 sqft. The site is along the Jalan Jenderal Sudirman and is adjacent to Keppel Land's commercial development, International Financial Centre Jakarta.

Keppel Land does not expect the acquisition to affect current performance for the year.

Keppel Land chief executive officer Ang Wee Gee said, "Indonesia is one of Keppel Land's key growth markets where we are strengthening our presence in Jakarta. We will leverage our extensive expertise as a leading developer of prime developments across Asia to develop a premium high-rise tower that will meet the needs of a growing expatriate and local business community seeking well-located and well-appointed apartments in the city centre.