30 October 2013

GIC, through its affiliate, has signed an agreement to acquire a 47-storey international Grade A office tower located in the heart of the Jakarta Central Business District in Indonesia. The office tower is part of a mixed-use development to be developed by Greenland Rajawali Utama, a joint venture company majority controlled by Rajawali Group and its property subsidiary. The development includes a luxury 6-star St Regis hotel and a retail podium for specialist food and beverage outlets. Construction of the mixed-use development is underway and is due to be completed in end 2015.

The mixed-use development will be designed by the renowned Pelli Clarke Pelli Architects. The firm has undertaken projects including the World Financial Center in New York and the International Finance Centre in Hong Kong. Designed to international standards, the office tower will have efficient floor plates and will be certified Green Mark GoldPlus by the Singapore Building and Construction Authority.

“Jakarta is an emerging hub with tremendous opportunities and potential, but lacks trendsetting integrated developments of international standards. Through this development, we want to catalyze the process of transforming Jakarta into a strategic business and financial hub for the region,” said Darjoto Setyawan, Managing Director, Communications, Rajawali Corpora.

The St Regis hotel will be the first all-suite hotel in Jakarta, and will be managed by Starwood Hotels & Resorts. The office tower, one of the few international Grade A buildings in Jakarta, is poised to become the premium address for multi-national corporations, local conglomerates and financial institutions.

“GIC is pleased to partner Rajawali Corpora in this investment. The office building is a welcomed addition to our global portfolio of quality assets located in prime locations of major cities. Demand for high quality office space in the Jakarta CBD offers significant growth opportunities. We believe GIC, as a long-term investor, is in a good position to seize these opportunities together with more like-minded partners,” said Mr Lee Kok Sun, Co-head of Asia, GIC Real Estate.

“We believe this is a first step towards a strategic partnership with GIC based on a long-term positive view of Indonesia’s real estate market. This is our first foray into Jakarta after an absence of more than a decade. We believe the timing is right for such a development. By bringing together the world’s best architects and strategic capital partner, this project allows us to fulfill our vision of delivering world-class developments in Indonesia,” said Ms Shirley Tan, Acting Chief Executive Officer, Rajawali Property Group.

The mixed-use development is located in Jakarta’s central business district along Jalan Gatot Subroto, near Jakarta’s SCBD and the Mega Kuningan area.