KUALA LUMPUR: Genting Property Sdn Bhd has marked its maiden property venture in Jakarta, Indonesia with the acquisition of 9.4 hectares there.
Genting Property, through subsidiaries PT Genting Properti Nusantara and PT Genting Properti Cemerlang, has concluded the land sales transaction with PT Sentul City Tbk.
The 9.4 hectares are located in Sentul City's commercial business district.
"Genting Property's investment is a testament to the growth potential of Sentul City as a catalyst for the continued development for greater Jakarta area through economic growth and job creation," PT Sentul City president commissioner Basaria Panjaitan said in a statement today.
"I applaud Genting Property's confidence in the long-term prospect in Sentul City and in the overall Indonesian property sector. We are honoured to be part of Genting's international growth strategy," she said in a statement today.
The lifestyle themed developments will form an exciting community space for Sentul City residents as well as an attractive destination for discerning domestic and international clientele.
Located just 40 minutes from Jakarta, its strategic location will enhance Sentul City's attraction as a green township that integrates nature with modern lifestyle.
The completion of the transaction with GPSB marked another significant milestone for Sentul City.
PT Sentul City president director Tje Tje Mulijanto said the lifestyle centre was a key component of Sentul City's integrated masterplan and will complement the many exciting destinations that already thrive in our township, such as IKEA and the recently opened Aeon Mall.
"The transaction also provided an opportunity for the company to unlock the immediate value of the land and improve PT Sentul City Tbk's financial position," he said.
The establishment of a lifestyle centre will enhance the appeal of Sentul City as a major residential, tourism, and investment destination in greater Jakarta area, supporting virtuous cycle of economic development for South Sentul community and its surroundings.