KUALA LUMPUR: Scientex Bhd has entered into a joint venture (JV) with Indonesia's Mustika Land and Japan's Creed Group, marking its maiden foray into building affordable homes in Indonesia.
Scientex said its subsidiary Scientex Quatari Sdn Bhd (STX) had entered into a JV with PT Graha Mustika Tamansari and Creed Property PH-1 Pte Ltd to form a JV company.
PT Graha will hold a 60 per cent stake, while STX and Creed Property will own 20 per cent each.
"The JV company will subsequently acquire land from PT Graha for Phase 1 development of Graha Mustika Tamansari.
"It will develop the Graha Mustika Tamansari township in Bekasi, Greater Jakarta. Phase 1 involves developing 400 affordable landed homes with an estimated gross development value (GDV) of US$19 million (about RM85.5 million)," it said.
Scientex chief executive officer Lim Peng Jin said the company was now ready to embark on a "cross border" strategy to penetrate new markets in Southeast Asia and fulfil regional demand.
Lim said Scientex would bring its proven expertise in developing large-scale townships with quality and efficiency based on the company's home-grown building technologies.
"Our long-term vision is to expand our Scientex brand in Indonesia's property development sector, and share our affordable housing knowledge, expertise and experience in the region," he added.
Bekasi is located about 24 kilometres from West Jakarta and has a population of 3.16 million.
The 16.1 hectare Graha Mustika Tamansari is the fourth township development undertaken by
Mustika Land along the Jakarta Outer Ring Road 2, an under-construction major toll-road connecting various parts of Greater Jakarta.
Scientex said the JV company would develop Phase 1 of Graha Mustika Tamansari of approximately 4.9 hectares in 2023, with targeted completion in 2025.
"The affordable homes are estimated to be priced around 500 million rupiah, and will provide modern and comfortable living for families staying in Bekasi as well as working in Jakarta's Central Business District and nearby Cikarang-Karawang industrial estate," it added.
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