Trump Foundation and PT MNC Land Tbk build luxurious resort and Trump Residences in Lido, West Java and Tabanan, Bali with costs US$1.7 billion in three years time - Photo by TheInsiderStories)

JAKARTA (TheInsiderStories) – Trump Foundation and its partner Indonesia’ property developer PT MNC Land Tbk (IDX: KPIG) build luxurious resort and residences Trump Residences in Lido, West Java and Tabanan, Bali. The projects is estimating need costs US$1.7 billion in three years time.

“Is great to be back here after signed the agreement four years ago. I’ve very interesting to build these two projects. Once completed, the Trump Residences will be an unrivaled destination, showcasing superior luxuries that will elevate the ultimate lifestyle,” said Executive Vice President of Trump Organization, Donald Trump Jr. after the pre-launching Trump Residences Indonesia in Jakarta, today (08/13).

The reasoned, Trump Foundation choose Indonesia as one of the business expansion in Asia, he said, cause the country has natural market. Beside, he noted, both parties has a long relationships since 2015.

While, chairman of MNC Group Hary Tanoesudibjo explained, the financing of the projects funded by the Group, including the infrastructure projects such as Bogor – Ciawi – Sukabumi toll road, railways, and airport. If need other fundings, he said, will come from local banks.

The projects to build in stages within three years period. At first, he said, the Group will build golf course and country club in Lido and Tabanan. Lido projects in Sukabumi have 10,000 hectares land bank while in Bali around 1,000 hectares.

Around 350-hectares land of MNC Lido City, Tanoesudibjo stated, will involving in hotels, villa, golf course, and country club. He added, “In Bali we have similar projects. We have 1,000 hectares land bank there.”

Trump Organization is a global luxury real estate company and have projects in 14 countries around the globe. While, MNC Land founded in 1990 by Tanoesudibjo and engaged in property, hospitality and entertainment company in Indonesia.

The property developer has build luxuries commercial and residential properties such as Park Hyatt in Jakarta, Oakwood Hotel & One East Residence in Surabaya, The Westin Resort Nusa Dua & Bali International Convention Center and Lido Lake Resort.

On July, 24, the Group through PT MNC Investama Tbk (IDX: BHIT) has completed the rights issue which represented 15.83 billion of new shares of its common stock or 23.36 percent of the company’ issued and fully paid capital. The company raised Rp1.58 trillion ($111.23 million) from the program.

Following the completion of the rights issue, BHIT’ total equity increased to Rp26.57 trillion. MNC Investama, focuses on three core businesses media, lifestyle property, hospitality & entertainment, and financial services.

In the media sector, the comapny owned PT Global Mediacom Tbk (IDX: BMTR) or known as MNC Media with business portfolio consisting of national Free To Air television (TV) stations, content, subscription-based media & broadband, and online businesses.

MNC Media owns and operates four national TV stations namely RCTI, MNCTV, GTV and iNews, all of them combined capture the largest market share in Indonesia. MNC Media dominates with 43 percent advertising market share amongst all TV Stations in the nation.

As of July 8, 2019, the other subsidiaries under the media holding, PT MNC Vision Networks Tbk (IDX: IPTV) was officially listed at Indonesia Stock Exchange. The company raised Rp856 billion from the initial public offering.

In the lifestyle property, hospitality & entertainment sector, the Company through MNC Land engages in four main strategic business pillars including MNC Lido City, an area of 3,000 ha in Lido, West Java, Trump Bali Resort, and Lifestyle Property & Hospitality.

In the financial services sector, PT MNC Kapital Indonesia Tbk (IDX: MNKI) or known as MNC Financial Services active in banking, multifinance, leasing, securities, investment management, general insurance and life insurance, as well as its newly set up financial technology subsidiary.

US$1: Rp14,200

by Linda Silaen, Email: linda.silaen@theinsiderstories.com