NTUC, Pidemco take stake in Mal Ciputra project

JAKARTA (JP): NTUC Income and Pidemco Land, both of Singapore, agreed here yesterday to take a 10 percent and 5 percent stake respectively in the US$488 million Mal Ciputra project.

Ciputra Group said the entry of the two Singaporean companies reduced its stake in the joint venture superblock project, which would include a 5.4-hectare shopping and hotel development, to 55 percent.

Hongkong and Shanghai Hotels Limited, which operates the Peninsula Group of hotels, has a 20 percent stake while Singapore's NatSteel Properties Limited holds the remaining 10 percent.

The Mal Ciputra development, slated to be the hub of Jakarta's international tourism and shopping belt, would include a 125,000- square-meter shopping mall, a 300-room, five-star diamond Peninsula hotel and a 620-room, four star Ciputra Hotel, the business group said.

Candra Ciputra, the managing director of the Ciputra Group, said he was grateful that NTUC Income and Pidemco were willing to work with his company in developing the project.

The Mal Ciputra project is one of NTUC Income's major investments overseas. Other direct investments overseas include a resort project in Bintan, Riau, and an underwater world in Nanjing, China.

Pidemco Land Limited is a member of the Singapore Technologies group with assets in excess of S$5.1 billion. Besides the Mal Ciputra development, Pidemco has 12 other projects in five countries such as London, China, Vietnam, Myanmar and Malaysia. (hen)