SINGAPORE - GIC, Singapore's sovereign wealth fund, and PT Intiland Development, an Indonesian property developer, have formed a 40-60 joint venture to own and manage South Quarter, an integrated mixed-use complex in Jakarta.
The South Quarter complex occupies 7.2 hectares in the TB Simatupang corridor in South Jakarta. The location has a direct toll access to the Soekarno-Hatta International Airport and is along the Mass Rapid Transportation lane, which is expected to be completed in 2018. The TB Simatupang corridor is a popular business hub, where the offices of many national and multinational companies across multiple industries are located, said GIC in its announcement on Monday (April 3).
Intiland has completed South Quarter Phase I which comprises three 20-floor office towers with a building floor area of 123,000 square metres and retail facilities occupying 12,500 sqm. Together with GIC, Intiland will develop South Quarter Phase II, which comprises two condominium towers and is expected to launch in the fourth quarter of 2017.
Said Lee Kok Sun, chief investment officer and regional head, Asia, for GIC Real Estate: "We remain confident in the long-term growth potential of Indonesia, with its favourable demographics and continued structural reforms. As a long-term value investor, we believe the high-quality and well-located South Quarter mixed-use complex will be an attractive addition to our portfolio. We look forward to partnering with Intiland, a leading property developer in Indonesia with a good track record in residential and office assets."
Intiland has developed some of Indonesia's iconic buildings such as its two flagship office towers in Jakarta and Surabaya and The Regatta, a seafront luxury condominium in Pluit, North Jakarta.
South Quarter was awarded Best Office Architectural Design at the 2016 South East Asia Property Awards and attained Gold Certification in Design Recognition from the Green Building Council Indonesia, said GIC.