Singapore investment company GIC has inked a deal to buy an office tower in the heart of the central business district in Jakarta, Indonesia, it said in a statement on Wednesday.
It did not disclose the amount it paid for the 47-storey Grade A office tower, which is part of a mixed-use project that will be developed by Indonesian conglomerate Rajawali Group.
GIC real estate Asia co-head Lee Kok Sun said in a statement that demand for high quality office space in the Jakarta central business district offers "significant growth opportunities".
"GIC, as a long-term investor, is in a good position to seize these opportunities together with more like-minded partners," he added. GIC made the purchase through an affiliate.
Rajawali Property Group acting chief executive Shirley Tan said the deal was "a first step towards a strategic partnership with GIC based on a long-term positive view of Indonesia's real estate market".
The development is expected to be completed near the end of 2015. It will include a six-star St Regis hotel and retail space for food and beverage outlets.