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Author: kimeng   |   Latest post: Tue, 18 Sep 2018, 11:15 AM

 

Keppel Corporation: Strengthening Presence in Indonesia

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Keppel Land recently announced that a whollyowned subsidiary has entered into a conditional sales and purchase agreement with Bank Central Asia to acquire a prime site in Jakarta’s central business district for a total consideration of Rp 586b (~S$60m). The plan is to develop a premium high-rise tower which could yield about 400 luxury apartments; total development cost is estimated to be S$170m.

With a GFA of about 390k sf, the site sits along the main thoroughfare of Jalan Jenderal Sudirman and is adjacent to KepLand’s commercial development, International Financial Centre Jakarta. This premium high-rise tower will meet the needs of a growing expatriate and local business community seeking well-located apartments in the city centre.

Looking ahead, Indonesia is likely to remain one of Keppel Land's key growth markets and we expect more upcoming developments.

Maintain BUY with S$7.36 fair value estimate on Keppel Corporation.

Source: OCBC Research - 22 Sept 2017

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Keppel Corp 6.51 +0.05 (0.77%) 3,098,100 

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