Singapore property developer Oxley Holdings is marking its another corporate milestone with its first entry to the Indonesia real estate market with plans to create a multi-storey mixed commercial and residential development on Batam Island, Indonesia.
The company has secured an agreement to joinly develop a land parcel of 20,000 square-metre sited in Jalan Westren Aria in the Sungei Panas sub-district with Indonesia-registered company PT Karya Indo Batam (KIB).
KIB and Oxley Holdings plans to create a joint operation for the development, operation, construction and management of mixed-use development. The Oxley Holdings will lead the construction and project management while KIB will contribute the land.
The agreement also provide Oxley Holdings the first right of offer to develop, manage, construct and operate certain land parcels adjacent to the property.
Indonesia is the fourth most populated country in the world and one of the fastest growing economy in Asia. Batam is recognized as tourist destination to neighbouring countries and known for its high density industrial zone.
Meanwhile, Singapore Oxley Holdings continues to expand its foreign portfolio of investment properties and already ventured into different Asian property markets like Malaysia, Cambodia and further afield to the Ireland and UK.
