Northcliff Capital Pte Ltd, a private equity company, and its affiliated company PT Simasindo Intitama, through its investment in PT Ratu Prabu Energi Tbk (ARTI), targets to become king of the property in TB Simatupang, South Jakarta. The companies will spend up to US $ 400 million over the next five years to develop the project Ratu Prabu 3, Ratu Prabu 4, Ratu Prabu 5, and Ratu Prabu 6.
Erry Sulistio, Managing Director and Founder Northcliff, said the project Ratu Prabu 3 is a mixed-use project in the form of hotel, apartment strata title, and serviced apartments with a total area of 82011.6 sqm. The company is optimistic that the demand for property in the region remains promising. “We got an apartment for Ratu Prabu 3, an office for Ratu Prabu 4, and a convention hall for Ratu Prabu 5. We will be the king of properties in TB Simatupang,” said Erry. This will make the property business competition in TB Simatupang increasingly stringent.
Issuers of other property developers who have projects in TB Simatupang are Intiland Development (DILD) with South Quarter project and PT Pakuwon Jati Tbk (PWON) that is preparing an office project. South Quarter project, which is a residential, office and warehousing integrated complex worth Rp 12 trillion, was cultivated in 2015 to 2017. Savills PCI Research shows that the demand for office space in the CBD area of TB Simatupang is quite high, especially from foreign companies. JLL Indonesia also predicts that the growth in TB Simatupang CBD has better growth compared with other the CBD district in Jakarta. The investment value of the project is predicted to reach Rp 12.3 trillion in 2014-2017. (*)
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