Foreign Investors Are Getting More Serious in Entering the Property Business in Indonesia
The property business in Indonesia is still considered attractive by foreign property developers. Recently, Mitsubishi Estate Co., Ltd from Japan together with PT Duta Putra Land and PT Rizki Evidence Abadi started the apartment and hotel project The Okura Residence in Gatot Subroto-Kuningan, Jakarta.
This project is targeted to be completed and start operating in 2025. Director of Coldwell Banker Commercial, Dani Indra Bhatara, assessed that for now, foreign property investors are more likely to enter and cooperate in housing products. Indonesia is not only a market for large foreign developers, but also middle-level foreign developers. Some examples include Fujiken and PT MAS Group which developed the Seion housing in Serang, Banten. Then, there is also Hankyu Hanshin Properties Corp from Japan which collaborates with Springhill Group to develop the Springhill Yume Lagoon residence in Cisauk, South Tangerang. Then there is Damai Putra Group, which partnered with Nishitetsu Group to develop the Asera Nishi cluster in Harapan Indah, Bekasi. "Developers or foreign investors target various classes, both upper, middle, and lower middle class,"
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