The deal will add to the firm's four residential projects in the country.
Keppel Land through its wholly owned subsidiary Keppel Land (Indonesia) has inked a non-binding collaboration agreement with Indonesian developer PT Metropolitan Land Tbk (Metland) to jointly develop residential projects in Jakarta with an investment value of up to $470m (IDR5t).
Both parties will inject an equal amount of capital for the projects. The new deal comes on the heels of Keppel Land and Metland’s first project to develop 500 landed homes in Greater Jakarta.
“Keppel Land will collaborate with Metland on residential projects in Greater Jakarta, where Keppel Land can tap on Metland's wide network in the country, whilst sharing with Metland our experience and best practices in property development," Goh York Lin, Keppel Land (Indonesia) president, said.
The collaborators are also eyeing a residential site located in East Jakarta. Keppel Land noted that it has four residential projects in Greater Jakarta which will yield over 8,300 quality homes. This includes The Riviera at Puri, West Vista at Puri, a high-rise residential development in Jakarta's central business district along Jalan Jenderal Sudirman, as well as a residential project in West Jakarta.
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