Company Briefs: Banyan Tree Group

Banyan Tree Group

Resort operator Banyan Tree Group said yesterday that it has signed 26 hotel agreements for its four brands, with most of the projects based in Greater China.

These projects are expected to become operational over the next three years, with 17 based in Chinese provinces such as Guizhou, Hebei and Zhejiang. The rest of the projects are based in Asean, the Oceania region and Europe.

These are in addition to the seven new hotels slated to open next year. The group currently has 48 hotels in operation as at the year end.

The 26 new hotel agreements exclude projects under negotiation and introduced by its new partners, the French hotel group Accor and the Chinese property developer Vanke.

Both became minority investors of Banyan Tree Holdings as well as strategic partners around a year ago.

About a dozen projects initiated through the Vanke and Accor partnerships are in active negotiations.

Keppel Land

Keppel Land said yesterday that it has, through its wholly owned subsidiary PT Sukses Manis Indonesia, signed an agreement with Indonesian property developer PT Metropolitan Land (Metland) to jointly develop a 12ha residential site in the Metland Menteng township in East Jakarta, Indonesia.

Keppel Land will hold a 50 per cent stake in the joint operation, which will yield about 500 landed homes with ancillary shophouses for sale.

Keppel Land's share of the total development cost for the project is estimated to be about 600 billion rupiah (S$57 million).

The partners will jointly manage the project, which will be developed in phases. This follows the general collaboration agreement signed earlier between Keppel Land and Metland to collaborate on residential projects owned and occupied by Metland in Greater Jakarta.

This will be Keppel Land and Metland's second joint project following The Riviera at Puri, a gated riverfront landed estate in Tangerang, Greater Jakarta, comprising about 500 landed homes.

The project has received positive response, with almost 90 per cent of the development sold at the end of last month.

The site is located in a mature residential precinct with several landed housing township developments.

A version of this article appeared in the print edition of The Straits Times on December 19, 2018, with the headline 'Company Briefs'. Print Edition | Subscribe