Hong Kong property firm Swire to develop luxury apartments in Jakarta
- Company to develop high-rise in upscale South Jakarta neighbourhood of Dharmawangsa
- Luxury condos a very niche market, Cushman & Wakefield Indonesia says
Hong Kong developer Swire Properties said on Tuesday it will develop a luxury residential project in Jakarta, in its first foray into Indonesia, Southeast Asia’s largest economy.
It has formed a joint-venture company, PT Jantra Swarna Dipta (JSD), with listed Indonesian developer Jakarta Setiabudi Internasional Group, for the development of the project in Dharmawangsa in South Jakarta.
“We are always looking for opportunities to expand our business in Southeast Asia, and we are excited to partner with Jakarta Setiabudi Internasional Group to bring our unique brand of upscale high-rises to Indonesia’s capital city and contribute to the local property market,” said Mabelle Ma, director of development and valuations at Swire.
“This is our first development in the Indonesia market. Dharmawangsa is an upscale neighbourhood in South Jakarta, and this is an exciting opportunity to develop one of the city’s most prestigious addresses,” Ma said.
Chandra Asali, the joint venture’s president, said: “It is a privilege to develop one of Jakarta’s most prestigious addresses, and by bringing together Jakarta Setiabudi Internasional Group and Swire Properties, we are confident that this partnership will raise the bar for the property scene in Indonesia.”