SINGAPORE (Sept 26): PSD Singapore, a wholly-owned subsidiary of Pacific Star Development, has signed a non-binding memorandum of understanding (MoU) with Indonesian master developer, PT Kukuh Mandiri Lestari (KML) to jointly develop a series of mixed-use high rise developments in Jakarta, Indonesia.

According to Pacific Star in a regulatory filing on Tuesday, the developments will be located on 10 hectares of prime seafront land in the Pantai Indah Kapuk 2 (PIK 2) area.

While the terms of the proposed joint venture (JV) have yet to be laid out, the group says it intends to set out these in definitive agreements, to be entered into by both parties at a later stage.

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