Keppel Land unlocking value from Barclays House

Tower 2 of commercial complex in Jakarta’s CBD to undergo S$95mln redevelopment into office tower.

Keppel Land Limited (Keppel Land) will unlock value from its Barclays House complex in Jakarta's Central Business District (CBD) through the redevelopment of one of its two buildings.

The existing 10-storey building, which was first completed in 1985, can be redeveloped into a 40-storey tower with a maximum potential gross floor area of about 56,000 square metres (sm) (approximately 600,000 square feet).

Mr Ang Wee Gee, Executive Director and CEO/International of Keppel Land International Limited, said, "Leveraging our expertise and experience as Singapore's leading prime office developer, we are confident that Keppel Land's commercial properties will continue to be preferred business addresses of major financial institutions and multi-national corporations.

"The increased confidence in Indonesia's economy has generated an upward trend in office demand as foreign and domestic investments continue to strengthen. Our new office tower will meet the demand of tenants seeking well designed and sustainable buildings in Jakarta's CBD."

The redevelopment, which will take about three years, is estimated to cost about Rp 636 billion (S$95 million). Upon its targeted completion in early 2014, the new tower will be state-of-the-art with larger floor plates and green features such as high-efficiency mechanical and electrical equipment, energy saving lighting and fixtures with sensors to monitor water consumption.

Jakarta's CBD has seen a healthy net take-up since the second quarter of 2009. According to a recent Jones Lang LaSalle's report, the take-up level in Jakarta's CBD is projected to reach more than 200,000 sm per annum in 2011, spurred by strong expectations of Indonesia's growth prospects.

Barclays House is situated strategically amidst five-star hotels, embassies and popular shopping centres in Jalan Sudirman. It is approximately four kilometres from the Monas City Centre, a famous landmark in Jakarta and less than an hour's drive from the Soekarno-Hatta International Airport, according to a Keppel report.

More details on the concept plans for the new office tower will be released when they are finalised and as soon as approvals from the relevant authorities are obtained.

With presence in Indonesia since 1990s, Keppel Land has a quality portfolio comprising office, residential, retail, integrated township, as well as hotel and leisure developments. This includes Jakarta Garden City, a 270-ha integrated residential township in East Jakarta; BG Junction, a strata-titled retail complex within Surabaya's CBD as well as Ria Bintan Golf Club, a 36-hole championship course on Bintan Island.

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