Industrial park expanded

Industrial park expanded

TOKYO (AFP): Japan's Marubeni Corp. said yesterday its Indonesian joint venture PT Megalopolis Manunggal Industrial Development would expand an industrial park near Jakarta.

The venture, in which major trading house Marubeni holds a 60 percent equity stake, will invest US$260 million in the purchase and development of 400 hectares (990 acres), with unit sales starting in March.

The expansion will bring the total scale of the park to 750 hectares (1,850 acres). The existing 350 hectares have already been sold to 90 Japanese and other companies.

Megalopolis Manuggal expected to sell new lots to companies from Japan, Europe, Hong Kong, Singapore, South Korea, Taiwan and Indonesia, Marubeni said.

The joint venture has capital of $15 million, with PT Bekasi Fajar Industrial Estate of Indonesia owning 40 percent.

Marubeni said it and the Indonesian partner had decided to upgrade the industrial park following successful sales of developed property.