Indonesia’s MNC Group, Korea Land Housing to develop $210m project

Founder & CEO MNC Group met with South Korean Prime Minister Hwang Kyo-Ahn in Seoul

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.

Also Read: Indonesia’s MNC Group, Donald J Trump in JV to develop luxury hotel in Bali

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.

Also Read: Indonesia Dealbook : Archipelago International to expand into SEA; HK Artyzen expands hotels brand to Asia

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.

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.