PT Intiland Development Tbk and GIC, Singapore’s sovereign wealth fund, have cemented a strategic alliance for the shared ownership and development of the first phase of Fifty Seven Promenade, the integrated mixed-use and high-rise development project in Jakarta, Indonesia. This is the second Intiland-GIC joint venture, with the first being the South Quarter integrated office complex in South Jakarta.
With the joint venture, the share ownership composition of the first phase of Fifty Seven Promenade project comprises 36.63 percent owned by the company’s subsidiary, PT Raharja Mitra Familia (RMF); 33.40 percent owned by GIC’s affiliate; and the other 29.97 percent owned by PT Galang Gema Pradana (Galang).
RMF is one of Intiland’s subsidiaries tasked with the development of the first phase of the project, comprising two condominium towers occupying an area of 1.3 hectares. Prior to the joint venture agreement, the shareholder composition of RMF was 55 percent owned by Intiland and 45 percent owned by Galang.
“Intiland has a strong track record in developing high-quality assets,” said Lee Kok Sun, CIO of GIC Real Estate. “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.”
