JAKARTA (TheInsiderStories) - PT PP Property Tbk (IDX: PPRO) formed a new joint venture with PT Kawasan Industri Jababeka Tbk (IDX: KIJA) for working the land area of 4.6 hectares. The joint venture company called PT PP Property Jababeka Resident.
Taufik Hidayat, Director of PP Properties said the company has a 52.6% stake in the joint venture. Both of the companies, He said, will invest up to Rp4 trillion (US$303.03 million) for the development of residential and commercial projects in Cikarang, Bekasi, West Java.
Hidayat said the investment value will be used to build a mall and six apartment tower consisting of three towers as high as 21 floors and three tower at 29 floors. For each tower, said Taufik, is projected to consist of 700 units. Thus, the project will generate approximately 4,200 apartment units.
PP Property and Jababeka has marketed Riverside Residence apartment for the lower middle segment. Indaryanto call, to date sales have reached 70 percent of the 900 units sold.
Based on data from Cushman & Wakefield, the cumulative supply of apartments in Greater Jakarta reached 188 265 units in the third quarter / 2016. Of these, as many as 34 829 units donated from the Bekasi area or equivalent 18.5 percent.
In particular, in Cikarang and Karawang which became the main base in the industrial area of West Java, the number of rental apartment units totaled 1,472 units.