SINGAPORE (Sept 19): Keppel Land is acquiring a prime site in Jakarta, Indonesia, for IDR586 billion ($60 million) from Bank Central Asia via its wholly-owned subsidiary, PT Sukses Manis Tangguh.

In a media release on Tuesday, Keppel Land says it intends to develop a premium high-rise residential tower on the site for an estimated cost of $170 million, and expects it to yield about 400 luxury apartments when complete.

The site spans 83,000 sq ft with a gross floor area (GFA) of about 390,000 sq ft, and is located in the central business district (CBD) adjacent to Keppel Land’s commercial development, International Financial Centre Jakarta.

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