JAKARTA (TheInsiderStories) – Australia based property developer Crown International Holding Group is preparing an Rp7 trillion (US$500 million) to build a new luxury waterfront residential precinct on the Jakarta waterfront that would be the first of its kind for the city, the company said in a press release on Monday (07/29).
“This is the first vertical shelter to be built by the Crown Group outside Australia. A modern residential concept that will consist of eight towers. One of these towers will be home to a five-star hotel and stands right on the shore of Ancol, North Jakarta,” said Iwan Sunito, Crown Group Chairman and Group CEO.
The projects will include 2000 luxury homes and its own marina, beach club and dining precinct at Ancol. Crown Group, based in Sydney, signed an agreement with 51 percent of the project set to be controlled by the Australian firm and the remainder by PT Pembangunan Jaya Ancol Tbk (IDX: PJAA), which is engaged in developing and operating recreational complexes and resorts.
Plans are to be presented to the Indonesian government for approval later this year, with the project set to launch to market in 2020.
The project has the ability to absorb up to 5,000 people within 8 years. This project is part of the company’s global strategic project and Crown will build four new residential projects in three different countries. The company plans to invest a total of Rp23.3 trillion in Australia, Indonesia, and the United States over the next two years.
Sunito said the first Crown Group project in Indonesia would herald a new era for waterfront living in the island nation and set a new benchmark for residential property development in Indonesia.
“The vision is to create a landmark that will be the jewel of Indonesia and a marina that the world hasn’t seen before,” he said.
“We will be the first to bring waterfront living to Jakarta, inspired by the world’s best – Sydney’s famous Darling Harbour and Circular Quay – through the development of vertical mixed-use residences.”
The new residential project will be built on a 4.7-hectare area located to the west of the Ancol recreational park in North Jakarta. It will be 2 kilometers from the beach and consist of five apartment towers with up to 3,000 residential units, with a luxury waterfront living concept designed by Japanese-Australian architect Koichi Takada, based in Sydney.
Inspired by the beauty of the Wayag Islands in West Papua, Sunito said, the project to be developed by Crown Group is an iconic vertical housing that combines the concept of a beach house, vertical housing, five-star hotels, and culinary centers.
It will be serviced by the Jakarta Mass Rapid Transit (MRT) system, which will dramatically cut traveling times. The 14.6-kilometer second phase of the MRT will connect Ancol and the Hotel Indonesia traffic circle in Central Jakarta, with trains expected to cover the distance in 30 minutes, compared with the usual two hours by car during rush-hour traffic.
The project will bring a new level of luxury to the area, with spectacular shared facilities for residents and the public to enjoy, including a yacht club, waterfront promenade, and beach club-style dining.
The development will offer 9000 square meters of retail boutiques, restaurants, and bars and a commercial precinct. There will also be a network of outdoor terraces, boulevards, and jogging tracks.
The first stage is expected to be completed in 2024 with 800 apartments, a gym, spa and infinity swimming pool, and a further 1500 apartments in the second stage.
The Crown Group will also develop two other projects in the greater Jakarta area. One will be in the Kuningan central business district in South Jakarta and the other in the Alam Sutera township in Tangerang, Banten.
Written by Lexy Nantu, Email: firstname.lastname@example.org