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Chinese developer to launch Indonesia's 1st int'l new industry city

Xinhua, March 31, 2017 Adjust font size:

A subsidiary of a Chinese developer in Indonesia will launch its integrated real-estate project of the country's first international new industry city on April 6, an executive of the company said on Friday.

China Fortune Land Development (CFLD) Indonesia's vice president Imelda Adhisaputra said the project, located in Tangerang city around 50 km west of Jakarta, offers 2,800 houses on the 60-hectare land.

"We bought the land for Lavon project from PT Alam Sutera Realty Tbk. It will be a mixed-use development, as we will integrate it with commercial and industrial clusters," she told Xinhua.

Adhisaputra added that the site will be provided with good connectivity, as the third phase mass rapid transit was being planned to connect the area with the capital city Jakarta.

"We had spent around Rp 4 trillion (300 million U.S. dollars) in the last two years to procure land and develop real estate in Lavon project and our second project in Karawang, West Java," she said.

The company's second project on 200 hectare land would also be a mixed-use development, with industrial estate being built before the commercial and residential clusters.

CFLD, established in 1998, is one of the biggest Chinese companies in the industrial estate sector and listed in Forbes Asia's Fab 50 Companies in 2015.

CFLD's President Jerry Zhao had said that Indonesia is listed on the company's top priority investment outside China. The company is looking for opportunities not only in Java Island, but other areas in the fourth most populous country in the world.

Chairman Judge of the 2017 Indonesia Property Awards Hendra Hartono, earlier this month, said that developers from Chinese mainland are aggressively coming into Jakarta's residential market, focusing on middle to high-end projects.

The latest data from Indonesia's Investment Coordinating Board shows the value of foreign direct investment in all property segments in Indonesia reaches 2.3 billion U.S. dollars in 2016. Overall in the 2016, China listed as third biggest foreign investor with 2.7 billion U.S. dollars following Singapore and Japan, respectively. Endit