Property venture set up<\/p>\n
JAKARTA (JP): PT Duta Pertiwi of the Sinar Mas Group, LG Group
\nof South Korea, Marubeni of Japan and Land & House of Thailand
\nagreed yesterday to form a joint venture to develop a 415-
\nhectare residential area in Cibubur, East Jakarta.<\/p>\n
The joint venture agreement was signed by Seung Moon Kim, the
\nmanaging director of LG International, Teruo Hayashi, the general
\nmanager of Marubeni, and Anant Asavabhokhin, the president of
\nLand & Houses.<\/p>\n
Duta Pertiwi said in a statement that the project, called
\nCibubur Residential Development, will be developed in phases.<\/p>\n
The first phase, which will be focused on the development of
\nsmall and medium-size houses, will start by the end of this
\nyear.<\/p>\n
Marubeni will take a 26 percent stake in the venture, with
\nDuta Pertiwi holding 29 percent, LG International Corp. 25
\npercent and Land & Houses Public Co. Ltd. the remaining 20
\npercent.<\/p>\n
The venture, capitalized at US$20 million, is expected to
\ndevelop 14,300 houses in the 415-hectare housing project over a
\n15-year period, a Marubeni official said.<\/p>\n
He said retail prices would range from $30,000 to $130,000 a
\nunit. (hen)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/property-venture-set-up-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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