GIC, the Republic’s sovereign wealth fund, and Rajawali Group on Tuesday (Nov 25) announced they have entered into a Memorandum of Understanding (MoU) to jointly invest up to US$500 million (S$652 million) in property projects in Indonesia.
The joint venture will explore opportunities in sectors, including office, retail, residential as well as mixed-use projects, with a focus on Jakarta’s central business district (CBD), according to the press release.
The joint venture follows a successful collaboration between Rajawali and GIC in the development of Capital Place, a 47-storey International Grade A office tower in the heart of Jakarta’s CBD.
Said Mr Loh Wai Keong, Co-Head of Asia at GIC Real Estate: “We are pleased to deepen our relationship with Rajawali, one of the leading investors in Indonesia. GIC is confident in Indonesia’s long-term growth potential and believe we can create value through the acquisition of assets in prime locations and active asset management.”