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Drew & Napier acted for CapitaLand Limited on its joint venture with a subsidiary of Credo Group to

November 2014 - Corporate & Commercial. Legal Developments by Drew & Napier LLC .

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Drew & Napier acted for CapitaLand Limited on its joint venture with a subsidiary of Credo Group to develop an integrated development in Central Jakarta, Indonesia

19 Nov 2014

Drew & Napier acted for CapitaLand Limited ("CapitaLand") on its joint venture with a subsidiary of Credo Group ("CG") to develop an integrated development in Central Jakarta, Indonesia. CapitaLand and CG will each hold a 50% stake in the joint venture.

The integrated development, CapitaLand's first in Indonesia, will comprise a Grade A office tower, mid- to high-end residential units, serviced residences and supporting retail space, spanning a total gross floor area of more than 40,000 square metres. Estimated to be completed in 2018, construction for the development is expected to commence in 2015. The total development cost is approximately S$220 million. 

The joint venture company will acquire from CG a 1-hectare site located within the central business district (CBD) of Jakarta. The site, close to embassies, renowned civic buildings, offices, affluent residential neighbourhoods and the National Monument, also has good connectivity to major roads within the CBD and other areas of Jakarta.

Directors Julian Kwek and Aaron Kok led in this transaction and were assisted by Senior Associate Cheryl Anne Ang and Associates Mark Jalen Tan and Lim Sze Min.