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Thu 25 Sep 2008 12:17 PM

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Limitless unveils $1.7bn Indonesia project

Dubai-based real estate firm makes first move into Indonesia with plan for 40,000 residents.

Limitless, the global real estate arm of Dubai World, has announced it is to extend its operations into Indonesia with a $1.7bn mixed-use project, after securing a stake in the subsidiaries of a developer in the South East Asian country.The 33-hectare Rasuna Epicentrum, which will be showcased at Cityscape Dubai next month, is the first project for the UAE firm in Indonesia and the fourth in South East Asia, where it already has developments underway in Malaysia and Vietnam.

Following a joint venture signing between Limitless and Jakarta-based Bakrieland Development (BLD), the firm has become a 30 percent shareholder in BLD subsidiaries Bakrie Swasakti Utama, Bumi Daya Makmur and Superwish Perkasa.

Located in Jakarta’s Golden Triangle, the city’s fastest-growing business district, Rasuna Epicentrum will accommodate 40,000 people in more than 1.2 million square metres of office and residential towers.

The development, which is open to foreign investors, will also have retail and  entertainment facilities.

“Rasuna Epicentrum will take urban renewal to new levels," Saeed Ahmed Saeed, chief executive officer of Limitless, said on Thursday.  

“Our entry into Indonesia cements our commitment to South-east Asia, where we have made huge strides since launching our operations there nine months ago.”

Rasuna Epicentrum will be completed in phases over the next eight years and Limitless says it will be constructed in line with world environmental standards.

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