SINGAPORE - A Keppel Land subsidiary has acquired a plot of land in Jakarta's central business district for 586 billion rupiah (S$59.5 million).

The unit, Sukses Manis Tangguh, will spend another $170 million to turn the 83,000 sq ft site into a high-rise luxury apartment block.

The land is changing hands under a conditional sales and purchase agreement with Indonesian lender Bank Central Asia, Keppel Land announced on Tuesday (Sept 19).

The site, which has a gross floor area of about 390,000 sq ft and could yield roughly 400 units. It is beside International Financial Centre Jakarta in Jalan Jenderal Sudirman, an office development that is also part of Keppel Land's Indonesian portfolio.

The company has plans to marry the potential of both locations "to create a vibrant live-work-play destination", according to Keppel Land chief executive Ang Wee Gee.

Mr Ang added that Indonesia is a key growth market for the company, which is looking to grow its presence in Jakarta.

With the upcoming project, the company will "develop a premium high-rise tower that will meet the needs of a growing expatriate and local business community seeking well-located and well-appointed apartments in the city centre", he said.