Swire takes Jakarta luxury plunge

Business | Avery Chen 3 Jul 2019

Swire Properties (1972) and Jakarta Setiabudi Internasional announced a partnership yesterday to develop a luxury residential development in Jakarta, Indonesia.

The joint-venture firm, PT Jantra Swarna Dipta, will design and develop residential properties.

Jakarta Setiabudi is a developer in Indonesia as well as a developer of luxury resort hotels, residential, office and retail buildings, including the Grand Hyatt and Hyatt Regency hotels, and the Setiabudi mixed-use scheme in Jakarta.

Mabelle Ma, director of development and valuations at Swire Properties, said the firm is always looking for opportunities to expand business in southeast Asia, and is excited to partner with Jakarta Setiabudi to bring its brand of upscale high-rises to Indonesia's capital and contribute to the local property market.

Swire Properties launched its first ultra-luxury residential project in Singapore, namely Eden, in April, offering 20 apartments and each unit has a sellable area of over 3,000 square feet and comes with four en-suite bedrooms.

Chandra Asali, president director of JSD, said it is a privilege to develop one of Jakarta's most prestigious addresses, and by bringing together Jakarta Setiabudi and Swire Properties, the joint venture is confident that this partnership will raise the bar for the property scene in Indonesia.

JSD's debut high-rise apartment building will be located in the upscale neighborhood of Dharmawangsa in south Jakarta. The development will include a host of bespoke amenities in a three-hectare urban parkland.

With its strong economic growth and position at the heart of the ASEAN region, Indonesia is one of the world's fastest emerging markets.

This joint-venture initiative is set to showcase JSD's ethos of putting people at the heart of its developments, especially in terms of privacy and safety. In line with this thinking, the project aims to offer a unique, tranquil and vast space where residents can escape the hustle and bustle of everyday life, the company said.

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