Business | Property
Limitless enters Indonesia with $1.7 billion joint venture in Jakarta
Limitless, the global real estate arm of Dubai World is to develop Rasuna Epicentrum, a $1.7 billion, 33-hectare mixed-use project in the Indonesian capital, Jakarta.
- Staff Report
- Published: 12:01 September 25, 2008
Dubai: Limitless, the global real estate arm of Dubai World is to develop Rasuna Epicentrum, a $1.7 billion, 33-hectare mixed-use project in the Indonesian capital, Jakarta.
Rasuna Epicentrum to be showcased at Cityscape Dubai next month is the first project for Limitless in Indonesia, and the fourth in South East Asia, where the company already has developments underway in Malaysia and Vietnam. In total, Limitless now has 11 global projects, worth over $100 billion, covering more than 20,000 hectares and accommodating three million people.
The announcement follows a joint venture signing between Limitless and Jakarta-based Bakrieland Development (BLD). Under the agreement, Limitless becomes a 30 per cent shareholder in Bakrie Swasakti Utama, Bumi Daya Makmur and Superwish Perkasa, subsidiaries of BLD.
Located in Jakarta's Golden Triangle the city's leading and fastest-growing business district Rasuna Epicentrum will accommodate 40,000 people in more than 1.2 million square metres of office and residential towers. The development open to foreign investors will also have retail and entertainment facilities.
Saeed Ahmed Saeed, Chief Executive Officer of Limitless, said: "Our entry into Indonesia cements our commitment to South East Asia, where we have made huge strides since launching our operations there nine months ago."
Hiramsyah S Thaib, President and CEO of Bakrieland Development, added: "Bakrieland is honoured to partner with Limitless, whose world-class reputation and unrivalled expertise will ensure the successful delivery of Rasuna Epicentrum."
Rasuna Epicentrum will be completed in phases over the next eight years and, like all Limitless developments, will be constructed in line with world environmental standards.
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