Homegrown property developer Oxley Holdings is making its first foray into the Indonesia real estate market with plans for a mixed-use development on Batam Island.
It has secured an agreement with PT Karya Indo Batam (KIB) to jointly develop a 20,000 sqm land site at Jalan Westren Aria in the Sungei Panas sub-district.
Indonesia-registered KIB is involved in many business activities, including investment and property holding.
Under the agreement, Oxley and KIB will create a joint operation for the construction, development, operation, and management of a multi-storey mixed commercial and residential development on the site.
KIB will contribute the land while Oxley will handle the construction and project management.
The agreement also gives Oxley the first right of offer to construct, develop, manage and operate the land parcels adjacent to the current property.
Batam is known for its high density industrial zone and a tourist destination to neighbouring countries.
Responding, Oxley Chairman and CEO Ching Chiat Kwong said: “Batam is enjoying a very strategic location sitting along the straits of Singapore and demonstrates good growth potential over the years.”
Meanwhile, the company continues to grow its overseas portfolio of investment properties, having already ventured into other Asian markets like Malaysia and Cambodia, as well as further afield to the UK and Ireland.
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
