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Hongkong Land, Astra International to develop 1 trillion-rupiah luxury project

Hongkong Land Holdings Ltd. is teaming up with PT Astra International Tbk to develop a luxury residential scheme in the TB Simatupang area in South Jakarta, with a total investment value of 1 trillion rupiah.

The Arumaya project, the duo's next joint venture following the Anandamaya Residences, will sit on roughly one-hectare of land and will consist of 262 apartment units housed in a 22-level building. The Indonesian development will also have garden villas and facilities, as well as a pool area.

Development work will start in 2018, and delivery of the project is expected to take place in 2022.

As of Jan. 31, US$1 was equivalent to 13,388 rupiah.