A Chinese developer’s subsidiary in Indonesia will begin construction on an integrated real estate project on April 6, constructing the country’s first international industrial city, an organization executive said Friday.
China Fortune Land Development (CFLD) Indonesia vice chairman Imelda Adhisaputra said the project, positioned in the town of Tangerang, about 50 km west of Jakarta, includes 2,800 houses on a 60-hectare plot.
“We have purchased land for the Lavon project from PT Alam Sutera Realty Tbk. It will probably be a mixed-use project as we are going to integrate it with business and industrial clusters,” she told Xinhua.
Adhisaputra added that the realm will probably be well-connected because the third phase of the mass rapid transit is planned to attach the realm with the capital Jakarta.
“Over the past two years, we have spent about 4 trillion rupiah (300 million U.S. dollars) on land acquisition and property development for the Lavon project and our second project in Karawang, West Java,” she said.
The company’s second project on a 200-hectare site can even be a mixed-use development by which an industrial zone will probably be built before business and residential developments are built.
CFLD, founded in 1998, is certainly one of China’s largest industrial real estate firms and was named certainly one of Forbes Asia’s Fab 50 Companies in 2015.
CFLD President Jerry Zhao said Indonesia is listed amongst the corporate’s priority investments outside of China. The company is on the lookout for opportunities not only on Java but in addition in other areas of the world’s fourth-most populous country.
Indonesia Property Awards 2017 jury chairman Hendra Hartono said earlier this month that mainland Chinese developers are aggressively entering Jakarta’s residential property market, specializing in mid- and high-end projects.
The latest data from the Indonesian Investment Coordinating Board shows that foreign direct investment in all real estate segments in Indonesia reached US$2.3 billion in 2016. Overall, China was the third largest foreign investor in 2016 with US$2.7 billion, behind Singapore and Japan respectively.
Source : XinhuaNet | CFLD
