JAKARTA (TheInsiderStories) – Indonesia’s based conglomerate group Astra International has joined forces with a Hong Kong-based multinational property group to develop Arumaya, a residential apartment complex worth Rp 1 trillion (US$74.5 million) in Jakarta after seeing signs of recovery in Indonesia’s property market.

Arumaya will be developed by Brahmayasa Bahtera, a joint venture between Astra and Hongkong Land — a property investment, management and development group.

The Indonesian conglomerate controls 60 percent of the joint venture, and the rest is owned by Hongkong Land. Both firms are under British conglomerate Jardine Matheson.

Located on arterial road Jalan T.B. Simatupang in South Jakarta, Arumaya will occupy an area of 2.6 hectares. It will have one 22-story tower with 262 residential units in it.

The exclusive apartment complex will also boast open green spaces and smart living facilities. It is located near two future MRT stations, Lebak Bulus and Fatmawati. The entire project is slated for completion in 2022.