<article>Property developer <a href="https://www.dealstreetasia.com/?s=Intiland+Development" target="_blank" rel="noopener">Intiland Development</a> has joined hands with Singaporean sovereign wealth fund <a href="https://www.dealstreetasia.com/?s=GIC" target="_blank" rel="noopener">GIC</a> to develop the first phase of Fifty Seven Promenade, an integrated mixed-use and high-rise development project, in Jakarta.</article>

Property developer <a href="https://www.dealstreetasia.com/?s=Intiland+Development" target="_blank" rel="noopener">Intiland Development</a> has joined hands with Singaporean sovereign wealth fund <a href="https://www.dealstreetasia.com/?s=GIC" target="_blank" rel="noopener">GIC</a> to develop the first phase of Fifty Seven Promenade, an integrated mixed-use and high-rise development project, in Jakarta.
The first phase of the project entails two condominium towers occupying an area of 1.3 hectares.
With the joint venture, Intiland&#8217;s subsidiary Raharja Mitra Familia (RMF) will control 36.63 per cent of the project while a GIC affiliate will hold 33.40 per cent. The remaining 29.97 per cent will be owned by Indonesian property developer Galang Gema Pradana (Galang).
“This joint venture has a strategic value for Intiland and Fifty Seven Promenade development project. It synergizes the strength and experience that both entities possess for property development in the future,” Intiland’s director Archied Noto Pradono said.
Meanwhile, Chief Investment Officer of GIC Real Estate, Lee Kok Sun, stated: “Intiland has a strong track record in developing high-quality assets. We believe Fifty Seven Promenade, which is well-located in the heart of Jakarta’s CBD, will be a significant residential development. We have worked with Intiland on the South Quarter project and are looking forward to more opportunities to work together as we tap the long-term potential of Indonesia’s real estate market.”
This is the second Intiland-GIC joint venture, with the first being the South Quarter integrated office complex in South Jakarta, signed in April.
<div>
The South Quarter complex occupies 7.2 hectares in the TB Simatupang corridor in South Jakarta and offers a highly-accessible location with direct toll access to the Soekarno-Hatta International Airport and is sited along the Mass Rapid Transportation lane, which is expected to be completed in 2018.
Also Read:
<a class="tinymce-colortext" style="color: #ff0000; text-decoration: underline;" href="https://www.dealstreetasia.com/stories/dlf-says-stake-sale-gic-will-lead-2b-capital-infusion-november-81137/" target="_blank" rel="noopener">DLF stake sale to Singapore GIC will lead to $2b capital infusion by Nov</a>
<a class="tinymce-colortext" style="color: #ff0000; text-decoration: underline;" href="https://www.dealstreetasia.com/stories/singapores-gic-to-buy-dlf-rental-arm-stake-for-1-8b-81081/" target="_blank" rel="noopener">Singapore’s GIC to buy DLF rental arm stake for $1.8b</a>
<a class="tinymce-colortext" style="color: #ff0000; text-decoration: underline;" href="https://www.dealstreetasia.com/stories/singapore-gic-acquires-sydney-student-housing-blocks-in-302m-deal-71075/" target="_blank" rel="noopener">Singapore fund GIC forms realty project JV with Indonesia’s Intiland</a>
<a class="tinymce-colortext" style="color: #ff0000; text-decoration: underline;" href="https://www.dealstreetasia.com/stories/singapore-gic-acquires-sydney-student-housing-blocks-in-302m-deal-71075/" target="_blank" rel="noopener">Singapore’s GIC acquires Sydney student housing blocks in $302m deal</a>
</div>

Singapore GIC partners Intiland for mixed-use project in Jakarta

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

Singapore GIC partners Intiland for mixed-use project in Jakarta

Start your deal-making journey now!

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief