Tokyu Land To Take Part In Indonesian Condo Project
Nikkei, Tokyo - 19/08/2011
Tokyu Land Corp. (8815) will join forces with a mid-tier Indonesian real estate developer to participate in a roughly 10 billion yen high-rise condominium project in central Jakarta.
PT Jakarta Setiabudi Internasional Tbk plans to build three condo buildings with a total 740 units. Via its local subsidiary, Tokyu Land will pitch in around 1 billion yen to build two of the high-rises, comprising a total 586 units.
Work on the 41- and 34-story buildings will begin next year, with the condos expected to be transferred to buyers in 2015. The units will sell for an average 20 million yen and be marketed to relatively high wage earners and wealthy customers.
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