SINGAPORE (Dec 18): Keppel Corporation’s property arm, Keppel Land, has entered into an agreement with leading Indonesian property developer PT Metropolitan Land Tbk (Metland) to jointly develop a 12-hectare residential site in the Metland Menteng township in East Jakarta, Indonesia.

The agreement, made through wholly-owned subsidiary, PT Sukses Manis Indonesia, will see Keppel Land hold a 50% stake in the joint operation, which will yield approximately 500 landed homes with ancillary shophouses for sale.

Keppel Land’s share of the total development cost for the project is estimated to be about 600 billion rupiah ($57 million).

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