Dubai Investor Pledges US$300mn to Develop Tourism in Bintan

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  • Pulau Bintan.

    Pulau Bintan.

    TEMPO.CO, Jakarta - The Tourism Ministry has found an investor from Dubai, Tasweek Real Estate Development and Marketing, to develop Bintan, Riau Island.

    “Two weeks ago, I went to Dubai. We offered several locations, including Bintan. They agreed to invest US$300 million,” Tourism Minister Arief Yahya said in Padang, West Sumatera on Friday, May 15, 2015.

    Arief said that the company’s investment will be realized in form of resort, hotel and villa. According to Arief, the groundbreaking of the projects will be conducted in the third quarter of this year.

    “I have met them in Dubai, and they are committed [to the investment]. You can check on their website,” Arief explained.

    On the website, the company states that they are committed to realize a mixed-use development in Bintan and a 250-room hotel, followed by 34 villas with different sizes and a 15,000 meter square commercial area. The construction will be located on a land with a total sie of 1.3 million meter square and a gross floor area of 186,000 meter square.

    Masood Al Awar, the CEO of Tasweek Real Estate Development and Marketing said the new project in Bintan Island is aimed to meet demands on housing in a unique resort environment. Mr. Al Awar added that the potential of Indonesian real estate sector was strong and driven by fundamental and solid trust from investors, as well as strong consumption-driven market and better company’s expansion strategy.