Indonesian property developer PT Bumi Serpong
Damai, a unit of Singapore-listed Sinarmas Land Ltd, has set up a joint venture
to build toll roads which could boost the prices of its surrounding projects.
The company aims to
work with Kompas Gramedia Group and PT Astratel Nusantara to develop the
36-kilometre Serpong-Balaraja toll road on the outskirts of Jakarta, Bumi
Serpong Director Hermawan Wijaya told reporters on Monday.
"We want to go
into the toll-road business because
this will benefit our property projects," Wijaya said. He declined to
disclose the expected investment value for the toll road project, but it has
been estimated to cost around 5 trillion rupiah ($410.5 million).
The
winning bidder for the concession to the Serpong-Balaraja toll road has not been
announced, but Bumi Serpong, which initiated the project, stands a high chance
as it has the right to match a competing offer, Samuel Sekuritas said in a note
on Monday.
The
brokerage added that the new toll road is expected to increase the value of Bumi
Serpong's BSD City, a residential, office and commercial project in the
south-west of Jakarta.
($1
= 12,180.00 rupiah) (Reporting by Fathiyah Dahrul; Writing by Eveline Danubrata
Editing by Matt Driskill)
Source: http://www.reuters.com/
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