JAKARTA. PT Astra Land Indonesia has acquired a tract of land of 50 hectares in Cikupa, Tangerang, through one of its subsidiaries, PT Lazuli Karya Sarana.
Said piece of land used to belong to PT Delta Mega Persada, a subsidiary of PT Alam Sutera Realty Tbk (ASRI). The initial phase of the signing of the Sale and Purchase Deed has been completed earlier.
After wrapping up the acquisition, Astra Land will launch its latest residential project. This project will be carried out by a joint venture that is established alongside Hong Kong Land.
Djap Tet Fa, President Director of Astra Land, claimed that this upcoming project will commence once the property industry recovers. "It is an appropriate momentum for us to develop our existing property project portfolio," Tet Fa reasoned, as quoted by Investor Daily.
Tet Fa also mentioned how Tangerang will continue to rise as a satellite city. Tangerang is deemed to have an advantage in its transportation access and other public facilities, ranging from shopping centres, healthcare, and educational facilities.
With the total estimated value of the project of IDR 6 trillion, the township development will take one year to complete, starting from next year. The first cluster of this project is scheduled to be released by the end of 2023. (KR/ZH)