GIC forms JV for South Quarter complex in Indonesia
GIC, Singapore’s sovereign wealth fund, has formed a 60-40 joint venture with PT Intiland Development Tbk, an Indonesian property developer, to develop the South Quarter complex, which occupies 17.8 acres in the TB Simatupang corridor in South Jakarta.
The joint venture owns and manages the integrated mixed-use complex. This collaboration follows the signing of a joint venture agreement in November 2016.
South Quarter is a favored office location for many multinational companies and was awarded Best Office Architectural Design at the 2016 South East Asia Property Awards. It also attained Gold Certification – Design Recognition from the Green Building Council Indonesia.
PT Intiland has completed South Quarter Phase I, which comprises three 20-floor office towers with a building floor area of 1.3 million square feet and retail facilities occupying 135,000 square meters.
Together with GIC, Intiland will develop South Quarter Phase II, which comprises two condominium towers and is expected to launch in fourth quarter 2017.