Limitless eyes $1.7b project in Indonesia

Dubai: Limitless, a real estate arm of Dubai World, is looking to develop a mixed-use project in Jakarta at an estimated development cost of $1.7 billion.

The company may invest about two trillion rupiah ($220 million) for a 30 per cent stake in PT Bakrie Swasakti Utama, a unit of Indonesian property developer PT Bakrieland Development, Bloomberg news agency reported, citing Bakrieland spokesman Nuzirman Nurdin.

Limitless spokeswoman Rebecca Rees confirmed to Gulf News the company has signed a memorandum of understanding to work on the $1.7-billion Rasuna Epicentrum project in Jakarta, but "the details have not been finalised yet". She declined to say how much the company is paying for its stake in the Bakrieland unit.

The project covers 37 hectares and will have commercial offices, apartments and retail space.

The Dubai company has a development team in Singapore to look for opportunities in Southeast Asia, and Jakarta will be its second project in the region.

Limitless said in September it will develop a $220 million residential and tourism project in Vietnam. "We are looking at various projects in Southeast Asia. It is an important market for us," Rees said.

Limitless has also established two new companies to search for projects in China.

Limitless World China Ltd has been set up in Hong Kong, while Limitless Consultancy Company will operate out of Shanghai.
It has announced projects in Saudi Arabia, Dubai and India in recent days.

It plans to develop a $12-billion urban project near Riyadh. The total value of its planned projects in Dubai and abroad now amounts about $100 billion.