SINGAPORE (Sept 19): Keppel Land is acquiring a prime site in Jakarta, Indonesia, for IDR586 billion ($60 million) from Bank Central Asia via its wholly-owned subsidiary, PT Sukses Manis Tangguh.

In a media release on Tuesday, Keppel Land says it intends to develop a premium high-rise residential tower on the site for an estimated cost of $170 million, and expects it to yield about 400 luxury apartments when complete.

The site spans 83,000 sq ft with a gross floor area (GFA) of about 390,000 sq ft, and is located in the central business district (CBD) adjacent to Keppel Land’s commercial development, International Financial Centre Jakarta.

According to CEO Ang Wee Gee, the development will be primed to “meet the needs of a growing expatriate and local business community seeking well-located and well-appointed apartments in the city centre”.

“The site is adjacent to International Financial Centre Jakarta and is located in one of the city’s most coveted addresses. We will tap on the synergies of the two developments to create a vibrant live-work-play destination,” adds Ang.

This story, written by Michelle Zhu, first appeared on The Edge Singapore.