Keppel Land Ltd.'s PT. Sukses Manis Indonesia subsidiary agreed to invest approximately 600 billion rupiah for its joint development of a 12-hectare residential site in East Jakarta, Indonesia, with PT. Metropolitan Land Tbk.
The 50/50 joint development project in the town of Metland Menteng is planned to feature about 500 house-and-lot units and ancillary shophouses, according to a press release.
Earlier in December, PT. Metropolitan also signed agreements to co-develop projects worth up to 5 trillion rupiah in the Greater Jakarta area of the country with the Keppel Land (Indonesia) Pte. Ltd. indirect subsidiary of the Singapore-listed Keppel Corp. Ltd.
As of Dec. 18, US$1 was equivalent to 14,454.00 rupiah.