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TOKYO, Oct 28, 2015 - (JCN Newswire) - Mitsubishi Corporation (MC) is pleased to announce today that it will be working in partnership with Lippo Cikarang (Lippo), a subsidiary of Lippo Group, one of the largest conglomerates in Indonesia, on a condominium development project called the Orange County Project (OC Project).
The OC Project is a large-scale township development on 322 hectares of land in the Chikarang area in eastern Jakarta, where Lippo has been developing a 3,000-hectare industrial park since the late 1980's. It aims to create a city with a resident population of over 72,000, and a commuting population of over 150,000 by putting in place urban infrastructure such as offices, residences, commercial centers, schools, and hospitals. Through establishing the Joint Venture (JV) with Lippo, MC will participate in the development of two condominium towers in the first phase of the OC Project. Situated on 13.5 hectares of land, the project will see the development of 12 condominium towers, commercial centers, offices, and hospitals. MC will hold a 49% stake in the JV while the rest will be held by Lippo. The total project cost is estimated to be 9 billion Japanese yen.
Lippo Group is one of Indonesia's major conglomerates, and is involved in various businesses including real estate development, retail, banking, telecommunications, and healthcare. Lippo Karawaci is one of the largest listed property developers in the country and constitutes the group's core business. The Lippo Group's well diversified real estate business is ranges from residential development to real estate asset management with two REITs successfully going public on the Singapore Stock Exchange. MC is seeking to expand its involvement in real estate related businesses in Indonesia through its alliance with Lippo Group.
The Indonesian economy is expected to see continued growth over the next several years, with incomes and purchasing-power also expected to rise. The Chikarang area in the eastern suburb of Jakarta where the OC Project is located is well known as an attractive industrial hub, a trend which is very likely to continue due to the on-going progressive development of transportation infrastructure and increasing investment from both domestic and foreign companies, which has resulted in rising demand for additional infrastructure. The OC Project is therefore seeking to help satisfy the steady demand from the market by creating a new city center in the eastern part of Jakarta.
Combining Lippo's rich and extensive local expertise with the know-how MC has gained from real estate developments in Japan and overseas, the partnership is seeking to expand its involvement in the growing Indonesian real estate market, leveraging the advantages that come with Japan's advanced technologies and sophisticated product planning.
Contact:
Mitsubishi Corporation
Telephone: +81 3 3210 2171
Facsimile: +81 3 5252 7705
Topic: Press release summary
Source: Mitsubishi Corporation
Sectors: Real Estate & REIT
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From the Asia Corporate News Network
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