Hong Kong developer Swire Properties announced that it will develop a luxury residential project in Jakarta, in its first foray into Indonesia, Southeast Asia’s largest economy.

It has formed a joint-venture company, PT Jantra Swarna Dipta (JSD), with listed Indonesian developer Jakarta Setiabudi Internasional Group, for the development of the project in Dharmawangsa in South Jakarta.

Mabella Ma, director of development and valuations at Swire, said, “We are always looking for opportunities to expand our business in Southeast Asia, and we are excited to partner with Jakarta Setiabudi Internasional Group to bring our unique brand of upscale high-rises to Indonesia’s capital city and contribute to the local property market.”

Ma added that this is our first development in the Indonesia market. Dharmawangsa is an upscale neighbourhood in South Jakarta, and this is an exciting opportunity to develop one of the city’s most prestigious addresses.

Swire did not provide details of the high rise apartment buülding other than it will be situated within a three hectare urban parkland. Besides, it did not disclose how much it was investing in the project.

Chandra Asali, the joint venture’s president, said, “It is a privilege to develop one of Jakarta’s most prestigious addresses, and by bringing together Jakarta Setiabudi Internasional Group and Swire Properties, we are confident that this partnership will raise the bar for the property scene in Indonesia.”

Source: SCMP

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