NTUC, Pidemco take stake in Mal Ciputra project<\/p>\n
JAKARTA (JP): NTUC Income and Pidemco Land, both of Singapore,
\nagreed here yesterday to take a 10 percent and 5 percent stake
\nrespectively in the US$488 million Mal Ciputra project.<\/p>\n
Ciputra Group said the entry of the two Singaporean companies
\nreduced its stake in the joint venture superblock project, which
\nwould include a 5.4-hectare shopping and hotel development, to 55
\npercent.<\/p>\n
Hongkong and Shanghai Hotels Limited, which operates the
\nPeninsula Group of hotels, has a 20 percent stake while
\nSingapore's NatSteel Properties Limited holds the remaining 10
\npercent.<\/p>\n
The Mal Ciputra development, slated to be the hub of Jakarta's
\ninternational tourism and shopping belt, would include a 125,000-
\nsquare-meter shopping mall, a 300-room, five-star diamond
\nPeninsula hotel and a 620-room, four star Ciputra Hotel, the
\nbusiness group said.<\/p>\n
Candra Ciputra, the managing director of the Ciputra Group,
\nsaid he was grateful that NTUC Income and Pidemco were willing to
\nwork with his company in developing the project.<\/p>\n
The Mal Ciputra project is one of NTUC Income's major
\ninvestments overseas. Other direct investments overseas include a
\nresort project in Bintan, Riau, and an underwater world in
\nNanjing, China.<\/p>\n
Pidemco Land Limited is a member of the Singapore Technologies
\ngroup with assets in excess of S$5.1 billion. Besides the Mal
\nCiputra development, Pidemco has 12 other projects in five
\ncountries such as London, China, Vietnam, Myanmar and Malaysia.
\n(hen)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/ntuc-pidemco-take-stake-in-mal-ciputra-project-1447893297",
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