Transactions - MAY 15, 2019

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Australian developer unveils first of its kind residential project in Indonesia

by Andrea Zander

Sydney-based developer Crown Group has unveiled its latest residential project, a $700 million waterfront resort, which is considered first of its kind for Indonesia. This property project is expected to become a new icon for Jakarta.

It is located at the popular seaside destination Ancol in north Jakarta. It will comprise 3,000 apartments across a series of eight towers. It will have 9,000 square meters (97,000 square feet) of retail boutiques, restaurants and bars and a commercial precinct. The residential area will also feature an entertainment center, co-working space and yacht club. And it will be serviced by the Jakarta Mass Rapid Transit system.

The first stage is expected to be completed in 2024 with 800 apartments, a gym, spa and infinity swimming pool, and a further 1,500 apartments will be added in the second stage.

Crown Group partnered with PT Pembangunan Jaya Ancol to complete the project. Cooperation between the two parties was carried out on Ap

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