Published Aug 30, 2017, 5:00 AM SGT
SINGAPORE/JAKARTA • Sovereign wealth fund GIC and Indonesian property developer Intiland Development have joined hands for shared ownership and development of the first phase of Fifty Seven Promenade - an integrated mixed-use, high-rise project in Jakarta.
The phase will comprise two condominium towers over 1.3ha of land, the two companies said in a press release issued yesterday.
As per the shareholder's agreement signed last Wednesday, an affiliate of GIC will own 33.4 per cent in the joint venture, while Intiland's subsidiary Rahardja Mitra Familia will own 36.63 per cent. The remaining 29.97 per cent will be owned by Indonesian property developer Galang Gema Pradana (Galang).
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