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Keppel Land unit commits 600B rupiah for Indonesian JV with Metropolitan Land

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Keppel Land unit commits 600B rupiah for Indonesian JV with Metropolitan Land

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.