Singapore's Keppel Land, a unit of conglomerate Keppel Group, on Tuesday said it acquired a prime site in Jakarta's central business district for 586 billion Indonesian rupiah (about S$60 million).
Keppel Land bought the property via its subsidiary, PT Sukses Manis Tangguh, from Bank Central Asia as it develop a high-rise tower with about 400 luxury apartments, the company said.
The total development cost is estimated to be S$170 million, it said.
"Indonesia is one of Keppel Land's key growth markets where we are strengthening our presence in Jakarta," said Ang Wee Gee, CEO of Keppel Land.
The site is adjacent to International Financial Centre Jakarta and has a gross floor area of approximately 390,000 square feet.
The site has dining and recreational amenities and enjoys accessibility via key transport routes, such as the future Setiabudi mass rapid transit station, which is expected to be fully operational in 2019.
The abovementioned transaction is not expected to have any material impact on the earnings per share and net tangible asset per share of Keppel Corp for the current financial year, the company said.
Shares in Keppel Corp closed up 1 percent at S$6.38 on the Singapore Exchange. The stock has gained 10 percent so far this year.
