Indonesia’s diversified conglomerate MNC Group, through its property unit PT MNC Land Tbk (KPIG), has signed an agreement with Korea Land & Housing to develop an integrated residential area in Lido, Bogor in West Java province.
According to MNC Land director, Daniel Yuwono, the Lido project is expected to require an investment of at least Rp 3 trillion ($210 million) for the first phase. The construction of the project will take one to two years, and it will become operational in 2016, he added.
The agreement was signed by MNC Group founder and CEO Hary Tanoesoedibjo and Korea Land CEO Lee Jai-Yeong.
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Approximately 65 km south of Jakarta, located on an elevated sanctuary, the project is expected to spearhead Lido’s future urban development.
“In Lido, our plans do not include just building houses. Our plans include creating a new future for West Java. MNC Land has ambitious plans to develop an educational village, an agro-tourism community, a new township inspired on innovation, high-tech but still environmentally friendly, a pride of our nation development,” said Tanoesoedibjo.
Meanwhile, the CEO of Korea Land , Lee Jai-yeong said, “Korea LH has been a leading public corporation dedicated to support housing and urban development in Korea. With this MoU, Korea Land along with Korean Construction Businesses shall have better business opportunity in the urban and housing development in Indonesia.”
MNC Group is currently developing the 3,000 hectares of Lido area, including theme park, residential area, golf course and hotels.
In September, MNC Group and Trump Hotel Collection had signed a cooperation to build a six-star hotel in Lido.
The phase one, including 700 hectares, will deliver an integrated lifestyle resort destination, which on one side will consist of a luxury strategic offering, including an 18-hole signature Ernie Els championship golf course and elite Lifestyle Country Club, a six-star luxury resort as well as high-end residential in collaboration with Trump Hotel Collection.
Lido will directly benefit from the completion of the Bogor-Sukabumi toll road, which is developed by MNC Group as well and will be dedicating its own direct exit to this new destination reducing the driving time from Jakarta down to 60 minutes only.
In another meeting, the MNC CEO and Hwang Kyo-Ahn talked about cooperation between MNC Group and a number of South Korean companies, including the plan development of an integrated residential area in Lido, Bogor.
Previously, MNC Land itself has bought a land area of 1,136 hectares in the Lido with a value of about 1.4 trillion, belonging to Bakrie, PT Bakrieland Development Tbk (ELTY) in 2013.
