$57 million By Keppel Land divests stake in Surabaya

Keppel Land considers Indonesia as one of its growth markets. Singapore-based developer Keppel Land has agreed to sell its 80 percent stake in an Indonesian joint venture firm, PT Sentral Tunjungan Perkasa, for Rp 529 billion (S$57 million). Another Singapore-based developer Qingijan is also launching the new executive condo, Inz Residence soon in 2017 around March.

The company is selling its stake to PT Indadi Land, and expects an after tax gain of around S$32 million. A 23,300 is owned by PT Sentral Tunjungan Perkasa sq m prime site in Surabaya’s central business district.

Keppel Land President (Indonesia) Sam Moon Thong explained the divestment is in line with its strategy to recycle assets for higher yields.

“Indonesia is one of Keppel Land’s key growth markets and we will continue to explore great opportunities to scale up our presence in Greater Jakarta,” he said.In reality, the business recently announced its partnership that was “ with Metland to develop about 450 landed dwellings on a 12ha site within Metland Puri, a township located adjacent to West Jakarta”, he added.

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