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Keppel Land buys Jakarta site for S$42m

Keppel Land is acquiring a three hectare site in West Jakarta for S$42 million.

SINGAPORE: Keppel Land is acquiring a three hectare site in West Jakarta for S$42 million.

The company says it will develop a high rise condominium with ancillary shophouses on the site.

Keppel Land says the move is also a show of its commitment to strengthen its presence in Indonesia.

The company also remains upbeat on the mid to long-term prospects of the Indonesian residential sector which it says is driven by a burgeoning middle-class and growing population.

For this project, Keppel Land is targeting homebuyers in the middle income segment.

The first phase of the development is expected to be launched in the first quarter of 2015.

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