FCC and UIC in property

FCC and UIC in property

SINGAPORE (Reuter): Property group First Capital Corp Ltd (FCC) said yesterday it had entered into a joint venture with four Indonesian companies to develop commercial and residential complexes in central Jakarta.

FCC's partners are P.T. Unggul Indah Corp (PT UIC), P.T. Unggul Indah Investama (UII), P.T. Salim Chemicals Corpora (Salim) and P.T. Ekaprana Graha Adhika (Ekaprana).

FCC will acquire 40 percent in the joint venture company, called P.T. Wiranusa Grahatama.

UII, a wholly-owned subsidiary of PT UIC, Salim and Ekaprana would hold 40.3 percent, 11.8 percent and 7.9 percent respectively in Wiranusa.

FCC said UII's contribution of its stake in the joint venture is by way of injecting PT UIC's land parcels amounting to 17,150 square meters at a land cost of US$2,600 per square meter.