Sunday, 22nd October 2017

Outline finalized for Southeast Capital Project, first large-scale mixed-use urban development business by Daiwa House Industry in Indonesia

9th August 2017 | 940 Views
AsiaNet 69588

OSAKA, Japan, Aug. 9, 2017 (Antara/Kyodo JBN-AsiaNet) --

Daiwa House Industry Co., Ltd., based in Osaka, conducted a signing ceremony in Jakarta on August 9, 2017, jointly with Japan Overseas Infrastructure Investment Corporation for Transport and Urban Development (JOIN) of Tokyo for stock acquisition and business commitment associated with the Southeast Capital Project (tentative), the mixed-use urban development business in the Southeast region of the Indonesian capital that Trivo Group (*) is advancing. Daiwa House Industry and JOIN resolved on July 7, 2017, to participate in the project led by the Indonesian business group.

Image: Artists' rendering of the overall project
http://prw.kyodonews.jp/img/201708074446-O1-VS9ZMM7L

The project is Daiwa House Industry's first mixed-use urban development business in Indonesia. The company plans to develop 12 high-rise condominium buildings (about 5,000 dwellings in total) as well as shopping malls, hotels and other facilities on an approximately 12-hectare site located about 24 km, or a 1-hour car ride, from the southeast of Jakarta's city center.

Together with JOIN, the company, will obtain 60% of the shares in Sayana, the business company for the Southeast Capital Project, from the Trivo Group, and participate in the project from autumn 2017. Accordingly, the project name will be changed to Sakura Garden City, and Daiwa House Industry will commence condominium sales.

The company plans to leverage its know-how and expertise of developing commercial facilities and condominiums acquired over many years in Japan as well as incorporating many Japanese products and equipment. Furthermore, it will promote the project together with the Trivo Group, which has an extensive track record in commercial development within Indonesia, and conduct high value-added real estate development in Indonesia.

(*) A mid-sized Indonesian developer with strength in commercial development

Main points
1. Large-scale mixed-use urban development in the southeast area of Jakarta, Indonesia, where economic development is remarkable
2. Large-scale project of 12 high-rise condominium buildings with about 5,000 dwellings in total

For details, please visit
http://www.daiwahouse.com/English/about/release/pdf/release_20170809_e.pdf

SOURCE: Daiwa House Industry Co., Ltd.