MNC Land - $3billion entertainment centre expansion

MNC Land plans to spend up to $3billion on expanding its integrated Sukabumi, West Javan integrated entertainment centre. The MNC land being the property development unit of Indonesian conglomerate MNC Investama.

Groundbreaking will begin during August, with villas, hotels, theme parks, alongside a variety of other supporting infrastructure for a recreational area.

MNC is also presently seeking a partner in developing the project, due to the magnitude of the project.

Included will be Lido Lake Resort and Golf, to cover approximately 2,000hectares and estimated to be fully completed within 20 to 30 years.

MNC Land acquired the property for Rp1.4trillion ($117million), through Lido Nirwana Parahyangan of the Bakrie Group — another Indonesian conglomerate owned by politician, Aburizal Bakrie.

The initial development phase of Lido Resort, spanning the upcoming three to four years, is estimated to value up to Rp 4.5trillion, as reported by MNC Investama vice president director.

MNC Land also plans to undertake a 3,000hectare MNC City project in Tangerang, Banten, according to a source accustomed with the subject.

The plan has been confirmed, with the concept for MNC City similar to BSD City, owned by Bumi Serpong Damai property developer.

MNC Land is developing four construction projects this year, within Jakarta - MNC Financial Center, MNC News Center, MNC Media Tower and 3TV Studio. The property developer is also undertaking two Surabayan projects - MNC Tower and a high residential project, One East Residences.