Keppel Land has agreed to acquire a three-hectare site for about 400.8 billion rupiah (S$42 million) in West Jakarta where it will develop a high-rise condominium with ancillary shophouses for sale.

Located along the Jakarta Outer Ring Road, the site is a 15-minute drive from the Soekarno-Hatta International Airport, and about 12 km away from International Financial Centre Jakarta, Keppel Land's Grade A commercial development in the city centre along Jalan Jenderal Sudirman.

"This new residential site is situated within an established residential area that is wellserved by major transportation networks as well as supporting amenities and facilities, including shopping malls and international schools," said Mr Sam Moon Thong, president (Indonesia), Keppel Land.

"We are confident that we will see positive demand from homeowners..." Mr Sam added.

Keppel Land plans to develop more than 1,200 condominium units as well as about 60 ancillary shophouses on the site.

Targeted at homebuyers in the middle income segment, the first phase of the development is expected to be launched in the first quarter of 2015.