JAKARTA (TheInsiderStories) - PT Astra Land Indonesia, a joint venture company (50:50) between PT Astra International Tbk and Hongkong Land Group Limited) and PT Mitra Sindo Makmur, a subsidiary of PT Modernland Realty Tbk) on Wednesday (Oct. 12) signed shareholders agreement to establish a joint venture company.
The newly established JV, in which both parties hold 50 percent shares each, will develop property project on 70 hectares of land in East Jakarta. The agreement was signed by Wibowo Muljono and Andrew Seet, as President Director and Director of Astra Land Indonesia respectively as well as Presient Director of Mitra Sindo Makmur William Honoris.
Wibowo Muljono said Astra Land Indonesia sees bright prospect of the property growth in east Jakarta, as the area has been linked infrastructure across Jakarta and the surrounding area.
“Through this cooperation, we hope we have a partner who knows well the property industry in East Jakarta. Modernland Relaty has expertise and understanding both in term of market and development in the surrounding area,” Wibowo said.
William Honoris, President Director of PT Modernland Realty, Tbk added that Modernland Realty it partners with companies which has good track record in order to reach out the right target market. Astra Land Indonesia is owned by Astra International, one of the best companies in Indonesia, and Hongkong Land, a leading property developer in Asia. “Modernland Realty believes that this joint venture company will produce excellent synergy,” he said.
Astra Land Indonesia will bring in its expertise who had been working in various property projects such as Anandamaya Residences, Menara Astra, Nava Park and Hongkong Land projects. (*)