REPUBLIKA.CO.ID, JAKARTA -- Publicly traded property company PT Lippo Cikarang Tbk will team up with Japan's Mitsubishi Corporation to build two apartment towers in the Orange County, Cikarang, West Java, with an estimated investment of US$100 million.
"The apartment house project is the first part of cooperation plan of the two companies including construction of housing, commercial, hospital and retail buildings, and in asset management and finance," CEO of PT Lippo Cikarang Tbk, Meow Chong Loh, said here on Wednesday.
Cooperation is outlined in an agreement document signed by leaders of the two companies.
Under the agreement a joint venture company would be established 51 percent owned by Lippo Cikarang's subsidiary and 49 percent by PT Diamond Realty Investment Indonesia, a subsidiary of Mitsubishi Corporation.
The first phase of the cooperation would be in the form of two condominiums at the Orange County. The first tower to be named Glendale Park, would have 556 units of apartment suite.
The suites consist of four types in size , expected to meet local requirement for quality residential houses, Meow Chong Loh said.
"We are pleased to form partnership with Mitsubishi in building the two towers in the Orange County in Lippo Cikarang. This would signal a good start for development of the Orange County, as this project would attract not only clients and Japanese property players, but also other foreign buyers as well as Indonesian buyers to come to the project," Meow Chong Loh said.
He said both Lippo Group and Mitsubishi Corporation are two leading company groups with good reputation and track records in property industry, internationally recognized.
"The human resource skills of the two company groups in developing quality projects would contribute significantly to expansion of property industry and related businesses in Indonesia," he said.
Glendale Park is designed to have unique features such as Zen Balcony, Tatami Rooms, sophisticated security system guaranteeing convenience for the dwellers, he said.
Glendale Park would be the fifth condominium tower launched in the Orange County, after Irvine Suites, Westwood Suites, Pasadena Suites, and Burbank Suites.
The Orange County of Cikarang has the concept of "The New California City" providing complete facilities as a mega construction project with a floor space of 16,500,000 square meters, consisting of 82.3 hectares of Lippo CBD Cikarang area inside.
PT Lippo Cikarang Tbk is a subsidiary of PT Lippo Karawaci Tbk, the largest listed property company in asset and income in Indonesia, backed up by a diversified land bank with strong recurring income basis.
Its business divisions include Residential/Township, Retail Malls, Hospitals, Hotels, and Asset Management.
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