Keppel Land to co-develop up to $470 mil of residential developments in Jakarta

SINGAPORE (Dec 6): Keppel Land is jointly developing residential projects in Greater Jakarta with an investment value of up to IDR 5 trillion ($470 million).with Indonesian developer PT Metropolitan Land Tbk.

Under the agreement, Keppel Land and Metland will each inject an equal amount of capital for joint residential projects which will be operated and owned by the latter.

Wholly-owned subsidiary, Keppel Land (Indonesia) on Thursday signed a non-binding collaboration agreement with Metland.

The cooperation follows Keppel Land and Metland's first collaboration to develop about 500 landed homes at The Riviera at Puri, a gated riverfront estate in Tangerang, Greater Jakarta. Keppel Land and Metland are also exploring a residential site in East Jakarta.

The Keppel Group has been present in Indonesia for over two decades. Keppel Land, the property division of Keppel Corp, currently has four residential projects in Greater Jakarta which will yield over 8,300 quality homes.

Year to date, shares in Keppel Corp are down 18% to close at $6.19 on Thursday.