TEMPO.CO, Jakarta - Crown International Holding Group have started to set sights on the property market in Indonesia. CEO of Crown Group Iwan Sunito, said that the company will develop an apartment building complex integrated with shopping centers, office buildings and hospitals. "It is located just one hour from Jakarta," said Iwan on Monday, November 24, 2014.
The property will occupy a 10 hectare-wide area. For this project, Crown has teamed up with a local company with 50-50 share ownership ratio. The project, said Iwan, is part of the company's strategic expansion in Asia. "We currently do not have any projects in Indonesia, so this will be the first," said Iwan.
The current project is said to be valued at Rp 800 billion to Rp 1 trillion, and will be carried out in a 10-phase development process.
Iwan expected that the ground breaking process of the project will start in the second quarter of 2016.