MNC Land partners with Korean developer for Lido Resort
Anggi M. Lubis
The Jakarta Post
Publicly listed developer MNC Land announced on Monday that the company would team up with South Korean property giant, Korea Land and Housing (Korea LH), to develop a township near its luxurious Lido Resort in West Java.
This will be the first time the companies have worked together, a statement received by The Jakarta Post revealed, and will be MNC Land's third mega project this year after signing agreements with US real-estate tycoon and presidential candidate Donald Trump's hospitality business last month to develop the Lido Resort and another project in Bali.
MNC Land, which is part of politician Hary Tanoesoedibjo's MNC Group, signed the agreement on Friday with Korea LH to build a township that will be integrated with Lido Resort, MNC Land said in the statement.
Korea LH is jointly owned by the South Korean government and Korea Finance Corporation. As of 2014, the company's assets stood at US$171.6 billion, with a land bank totaling 106,800 hectares.
'MNC Land will build an education, agri-tourism township which will be equipped with high levels of technology while being eco-friendly at the same time,' Hary said in the statement.
MNC Land will soon start construction of Lido. The resort will gradually take shape before it is fully completed in early 2019.
The Lido Resort ' once owned by the politically wired conglomerate Bakrie Group ' spans 3,000 hectares and will comprise three components, namely a hospitality wing, a golf course and a theme park.
Trump will be involved with phase one of the 700-hectare Lido development. The development will include a six-star luxury hotel, an 18-hole signature Ernie Els championship golf course, a country club, a wellness destination spa and high-end residential villas and condominiums.
As previously reported, MNC Land president director Ivan Casadevall said the Lido project would break ground some time next year, with the golf course already in progress and expected to become operational at the end of 2016.
The country club will become operational in 2017, in line with the unveiling of the Bogor-Ciawi-Sukabumi toll road, which is also being developed by MNC.
Work on the hotel, villas and condominiums will begin in 2018 and will become commercially operational in early 2019.
Casadevall said that the whole project would be 100 percent developed and owned by MNC Group, and Trump would act solely as an operator.
The MNC Group acquired Lido Resort in a Rp 1.4 trillion ($97.8 million) deal from British Virgin Islands-based Charlton Group Holdings Ltd.
Bakrieland Development, part of the Bakrie Group, formerly owned shares in Lido Resort. Bakrieland released its shares to PT Zulam Alinda Sejahtera, before the latter issued exchangeable and convertible bonds through Charlton.
The Lido Resort is MNC's second partnership with Trump after they signed a deal in August to manage a six-star luxury resort and residential development in Bali.
The company spent around Rp 1 trillion in acquiring the Bali resort.
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