Property - Astra Land Indonesia and BSDE Jointly Develop New Township in Cibubur

Property - Astra Land Indonesia and BSDE Jointly Develop New Township in Cibubur Astra Land Indonesia (ALI), a joint venture between Astra Property and Hong Kong Land, has collaborated with Bumi Serpong Damai (BSDE) to embark on a new township project. The two property companies formed a joint venture named Ruby Karya Sejahtera (RKS) in March 2023, with ALI holding a 75% stake and BSDE holding 25%. This collaboration was officially established through the signing of a land acquisition agreement on Friday, December 8. RKS will develop a property project in the Jalan Alternatif Cibubur area, Jatisampurna Subdistrict, Bekasi. Spanning approximately 73 hectares, the project will primarily focus on constructing a township comprising landed houses and commercial areas targeting the middle to upper-middle segments. The project's location is accessible via the Jatikarya Toll Road (Cimanggis – Cibitung), connecting the township to the central business district of Jakarta. (Source: Company) Comment: We view this news positively, anticipating a boost in multi-year land plot sales for the joint venture company and increased marketing sales resulting from the township's development.