KUALA LUMPUR: Scientex Bhd has entered into a joint venture with Indonesia's Mustika Land and Japan's Creed Group as it makes its maiden foray into building affordable homes in Indonesia.
In a statement, the global packaging manufacturer and property developer said its wholly owned subsidiary Scientex Quatari Sdn Bhd will own a 20% stake in the JV while PT Graha Mustika Tamansari will hold a majority 60% and Creed Property PH-1 Pte Ltd (CRD) the remaining 20%.
Under the collaboration, the JV company will develop the Graha Mustika Tamansari township in Bekasi, Greater Jakarta.
Phase One of the development, spanning about 12 acres, will comprise 400 affordable landed homes with an estimates gross development value of US$19mil (about RM85.5mil).
It added that Phase One is targeted for completion in 2025.
According to Scientex, the affordable homes are estimated to be priced around IDR500mil, and will provide modern and comfortable living for families staying in Bekasi as well as those working in Jakarta’s Central Business District and nearby Cikarang-Karawang industrial estate.
Scientex CEO Lim Peng Jin said Scientex now is ready to embark on its "cross border" strategy to penetrate new Southeast Asian markets.
"While our JV with these reputable property players leverages on their deep knowledge of the local domain in Indonesia, Scientex will bring to the table our proven expertise in developing large-scale townships with quality and efficiency based on our home-grown building technologies, which has been our hallmark for the past 28 years.
"Our long-term vision is to expand our Scientex brand in Indonesia’s property development sector, and share our affordable housing knowledge, expertise and experience in the region,” he said in a statement.