alaysian and Indonesian property companies have formed a partnership to develop affordable housing projects in Greater Jakarta to meet demand from the nation’s growing middle class.
On the sidelines of the 12th World Islamic Economic Forum, three Malaysian companies Sime Darby Bhd, I&P Group Sdn. Bhd, SP Setia Sdn and Indonesian developer PT Hanson International Tbk signed an agreement to develop 500 hectares of property in Maja,Tangerang worth US$862.28 million (Rp 11.29 trillion).
"This is opportunity for Malaysian and Indonesian companies to collaborate in mutual partnership," Sime Darby Berhad President and Group Chief Executive Tan Sri Dato' Seri Mohd Bakke Salleh said at the Jakarta Convention Center on Tuesday.
Hanson International president director and chief executive officer Benny Tjokrosaputro expressed his optimism that the project, which is in line with President Joko "Jokowi" Widodo's vision, would benefit all related parties.
"I believe this synergy, combined with rich experience on urban development from the three companies and our reputation in Indonesia, will eventually make the joint venture succeed," he said.
The project is located next to Citra Maja Raya residential area, which is being developed by Hanson International in cooperation with Indonesian property giant Ciputra group. (ags)
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