Property developer Hankyu Realty Co. has forayed into its fourth overseas market, joining Japanese and Indonesian partners in a project to build a condominium complex on the outskirts of Jakarta.
The company said it is planning to complete three condo towers by May 2019 with a total of 1,095 units for 1.47 trillion rupiah ($108 million) in the city of Sentul, south of the capital, with Japanese trading house Sumitomo Corp. and PT Sentul City Tbk.
As part of its overseas expansion plan, the Osaka-based developer has acquired a 25 percent stake in a joint venture established in December last year by the two partners, following a spate of condo projects in the Philippines, Thailand and Vietnam since late 2016.
The Indonesian joint venture, PT Izumi Sentul Realty, is owned 45 percent by Sumitomo and 30 percent by its local partner, which has developed detached houses, condo facilities and hotels in the Sentul area over the past two decades.
The planned condos, part of a large-scale area development project, will be directly linked to Aeon Mall Sentul City, scheduled for completion in December 2018 in Bogor Regency, West Java Province.
The site is also close to a planned light rail transit station as well as an exit from the Jagorawi toll road, a main expressway that connects to central Jakarta.
Hankyu was invited to join the project by Sumitomo, which has run property businesses in Southeast Asia's largest economy since the 1980s.
The two companies have "a solid partnership" in numerous joint projects in Japan, the trading house said.