Jababeka to form new JV with PT PP Properti

Earlier this week PT Jababeka Tbk (KIJA) and PT PP Property Tbk (PPRO) agreed to set up a Joint Venture company for the development of a residential and commercial mixed-use superblock in the heart of Kota Jababeka’s new central business district on a 4.6 hectares plot of land. PPRO will own 52.6% of the JV, whereas KIJA will own 47.4%.

According to the initial masterplan, the project will consist of 6 apartment towers catering to a growing middle class in Kota Jababeka and a Japanese style mall.

Furthermore, it is expected that the project will benefit from infrastructure development projects in the greater Cikarang area, which includes light rail commuter line access and LRT (Light Rapid Transit), with both expected to serve the Cikarang area in the near future. In addition, a new toll access into Kota Jababeka is also expected to be completed shortly. Such infrastructure projects are expected to improve accessibility to and increase the value of Jababeka’s land bank in Kota Jababeka.