JAKARTA (TheInsiderStories) – Indonesian property developer, PT Lippo Karawaci Tbk (IDX: LPKR) and Japan-based SoftBank Corp., announced on Thursday (11/28) a strategic alliance to develop the digital-based property. The developer aims to cooperate in the development and dissemination of Artificial Intelligence (AI) and Internet of Things (IoT) powered solutions in the real estate and mobility ecosystems in Indonesia.
Lippo Village in Karawaci is the priority location for this project with plans to develop “Lippo Village as the central hub of technology application & research in South East Asia”, the company said in a written statement.
“We are excited to move forward and collaborate with SoftBank to develop AI and IoT-based innovative solutions for our customers across the largest integrated real estate and healthcare company in Indonesia. Within our township, we intend to implement IoT technology through Smart Cluster Management and Smart Traffic Management in Lippo Village,” said Lippo Karawaci’s CEO John Riady.
SoftBank’s Vice President and Head of Global Business Strategy, Hidebumi Kitahara, revealed the company will utilize its technology deployment insights to introduce advanced technologies to shopping malls and other commercial facilities, hospitals, and the entire Lippo Village area.
“We are very pleased that we could launch this AI and IoT initiative together with Lippo Karawaci to make Lippo Village even more comfortable for residents and tenants. Through this, we aim to develop Lippo Village as a Smart City model case in South East Asia,” he said.
Smart Cluster Management utilizes advanced camera technology for facial recognition of occupants in vehicles and also has the ability to read motor vehicle license plate numbers of township residents and identify unknown visitors.
Smart Traffic Management itself, through smart CCTV mode, provides the ability to count the number of vehicles that enter into an area, while at the same time is able to identify and differentiate between vehicle types including motorcycles, cars, buses, and trucks.
Implementation of this technology will drive improved traffic management and allow for improved and more seamless traffic flow at specific times throughout the day, the company said.
Furthermore, the cooperation between two companies will bring a new analytics platform powered by AI and Big Data that will dramatically improve customer experiences. This platform will be expanded to the mall segment, combining the largest retail mall owner and operator with the innovative technology applications that SoftBank provides via its IoT technology.
This cooperation will provide customers with a cutting-edge experience that links their user behavior with special offers and rewards across Lippo’s expansive 51 mall network. In addition, this cooperation will include Siloam Hospitals in the application of smart healthcare.
Lippo Karawaci is Indonesia’s leading integrated real estate company with total assets of US$3.7 billion on 30 June 2019. Its core business comprises urban residential developments, lifestyle malls, and healthcare. Also actively involved in integrated developments, hospitality, township development, and management, as well as asset management services.
Currently, the company has a presence in 36 cities and is a leading Indonesian property developer with 1,467 ha of landbank ready for development. Through its two publicly listed subsidiaries, PT Lippo Cikarang Tbk (IDX: LPCK) and PT Gowa Makassar Tourism Development Tbk (IDX: GOWA), LPKR develops and operates urban developments at Lippo Cikarang in Bekasi and at Tanjung Bunga in Makassar.
Additionally, LPKR owns 51.05 percent of PT Siloam International Hospitals Tbk (IDX: SILO), Indonesia’s leading private hospital network, with 37 hospitals across 27 cities nationwide.
LPKR also has an ownership stake in two listed REITs in Singapore, namely First Real Estate Investment Trust and Lippo Malls Indonesia Retail Trust with $1.0 billion and $1.5 billion of assets under management respectively, as at 30 June 2019.
Written by Lexy Nantu, Email: email@example.com