Tokyu Land Corp. is developing a high-rise condominium complex in Jakarta aided by a team of Japanese companies overseeing the architecture, interior design, sales and management.
The Tokyo-based developer said the twin tower project with 381 units and shopping, dining and entertainment facilities fully makes use of Japanese expertise and boasts high-quality construction and services, making it the first of its kind in Southeast Asia's largest economy.
The 15,000-sq.-meter site for the Branz Simatupang project is in the Simatupang district, which will have better access to Soekarno-Hatta International Airport and the capital's business district after the completion of a highway and a metro station nearby.
In March 2016, PT. Tokyu Land Indonesia, a local subsidiary, started building the 27-story and three-basement floor tower each with PT. Jaya Obayashi, a local unit of general contractor Obayashi Corp., and other firms for the handover in December 2018.
Since sales began in October 2015, 191 units in the south tower have been sold and about 60 percent of the north tower's 190 units have been purchased, with 80 percent of them bought for investment. The price has since risen roughly 10 percent to around ¥18.7 million for a one-bedroom unit with 56-sq.-meters of floor space.
"Our main targeted tenants are Japanese expatriates who are taking their families to Indonesia," Tokyu Land Vice Chairman Hitoshi Uemura said at a recent topping-off ceremony for the twin structures. "That's why 191 units of the three-bedroom type in the south tower have been sold."