Indonesia: Sinarmas invests $644m in Batam; Accor’s Lombok Pullman hotel

Photo by Mandalika Resort

Indonesia real estate has been active with Singapore-listed developer Sinarmas Land Ltd – the holding entity for property companies of Sinar Mas Group announcing Rp 9 trillion ($644.85 million) plans to develop Nuvasa Bay. Also, the French hotel group AccorHotels held the groundbreaking ceremony for its Pullman hotel in Mandalika Resort, Lombok, West Nusa Tenggara.

Sinarmas Land to build Nuvasa Bay 

Nusava Bay project, which will occupy 228 hectares of land, and follows two previous endeavors by Sinar Mas – Taman Duta Mas and Palm Springs Golf & Coutry Club, said a report in the Jakarta Post.

Sinarmas Land controls two property developers listed on the Indonesia Stock Exchange (IDX), PT Bumi Serpong Damai Tbk (BSDE) and PT Duta Pertiwi Tbk (DUTI).

“We will develop Nuvasa Bay for 15 years. That represents 50 percent of the total units we plan to build by 2030,” Isaac Chandra, Sinar Mas’s chief executive officer of strategic development and services said.

Investment for the first phase is estimated to reach Rp 4 trillion for building 1,100 landed houses and 4,000 apartment units. The company is targeting to attract foreign and local buyers for its newest property, which will be developed in three stages over a seven-year, five-year, and three-year period respectively, the report added.

AccorHotels kicks off construction of its Pullman hotel on Lombok Island

The French hotel operator is one of four investors that have announced plans to build five-star hotels in Mandalika, The Jakarta Post reported. The three others are Jiva Samudera Biru (JSB), French-based hotel chain Club Med and Lee International from South Korea.

State-owned Indonesia Tourism Development Corporation (ITDC) confirmed that AccorHotels and Club Med had signed contracts, while the two others had only signed memorandums of understanding (MoU), the report added.

“We are really trying to get them [the ones signing MoUs] to also build the hotels and for JSB to cooperate with Intercontinental to operate the hotel,” ITDC director for business and development Edwin Darmasetiawan told the Jakarta Post, adding that JSB was planning to build two hotels.

Construction of the Pullman hotel is estimated to cost around Rp 400 billion ($28.75 million), set to come from the company’s own funds.

The development of the area is part of the government’s efforts to boost foreign tourist arrivals to 20 million per year by 2019 from around 10 million annual visits at present. ITDC president director Abdulbar M Mansoer said the company was planning to have 20 starred hotels built within 20 years, the report added.

Also Read: 

Indonesian property firm Bumi Serpong Damai eyes $560m pre-sales in 2015

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.