Wing Tai in RI venture

Wing Tai in RI venture

SINGAPORE (Reuter): Property group Wing Tai Holdings Ltd. said its unit Wing Tai Land had entered into an agreement with PT Dharma Alumas Sakti (DAS) and Premium Strategy (M) Sdn. Bhd. to set up an Indonesian property development company.

Wing Tai said in a statement sent to the Stock Exchange of Singapore on Oct. 2 that its unit would hold 45 percent of the new venture which will have a capital of US$30 million.

DAS will hold 30 percent of the firm and Premium 25 percent.

The venture plans to buy 1.6 hectares of land in Jakarta and build apartments and commercial buildings on it at a cost of around US$65 million.