Mori Building Co., Japan's leading real estate developer, is making a foray into the Southeast Asian market, with its first regional project to build a premium office tower in Indonesia.
The company is constructing a 266-meter-high building for $500 million for scheduled completion in 2021, aiming to make it a landmark in central Jakarta's business district, it announced last week.
The move follows its various office and hotel development projects in Shanghai since the early 1990s. The company also has been looking for business opportunities since establishing a subsidiary in Singapore in May 2016 with the aim of capitalizing on fast economic growth in the region.
The 59-story building with four basement floors will have a total floor area of some 190,000 square meters, offering prime office space along with restaurants and cafes.
The skyscraper is designed by Kohn Pedersen Fox Associates PC, the New York-based architectural firm that has worked on Mori Building's iconic projects in Tokyo's Roppongi district and Shanghai.
The construction is being jointly carried out by Japan's Shimizu Corp. and local firm PT. Bangun Cipta Kontraktor.