TASWEEK eyes new partnership for USD 300 million mixed-use project in Indonesia

[UAE, January 20, 2015] - TASWEEK Real Estate Development and Marketing, an advisor and solutions provider serving the property markets, is considering a new joint venture for building a new 26-hectar mixed-use housing, retail and hospitality complex in Indonesia. The USD 300 million project will further expand TASWEEK’s diverse global real estate portfolio which includes residential, commercial, hospitality and healthcare properties in the UAE, Morocco and Malaysia.

The massive mixed-use development will rise in Bintan, the largest island in the Riau Archipelago of Indonesia, and will include one 250-room hotel; six 20-floor condominium towers with 7 units on each floor for a total of 840 units; 34 villas of varying sizes; and a 15,000 sqm commercial area. The construction site occupies 1.3 million sqm with a Gross Floor Area of 186,000 sqm.

The complex will strategically ensure the medium- and long-term profitability of TASWEEK’s portfolio prior to the public offering and listing of the company stock. The project is around 45 minutes away by ferry from Singapore and is located in Bintan Island, a popular tourist spot offering a wealth of opportunities for historic, cultural and eco tours; surfing; diving; adventure; wellness; and relaxation.

“We want to enrich shareholder, investor, and homeowner value by safeguarding the sustainability of profits. This will be achieved through the adoption of a flexible business model and the provision of as many options as possible. We constantly seek different types of properties from around the world and build developments in high-potential locations with strong fundamentals. Our new project in picturesque Bintan Island aims to meet the rising demand for housing with a unique resort environment. The growth potential of the Indonesia real estate sector is very strong, driven by factors ranging from solid investor confidence and robust market fundamentals to a consumption-driven economy and excellent corporate expansion strategies. We consider it an important destination in our global portfolio buildup and hope to forge a strong partnership to seize the opportunities it offers,” said Masood Al Awar, CEO, TASWEEK Real Estate Development and Marketing.

TASWEEK Real Estate Development and Marketing offers comprehensive solutions for all real estate needs. It has over 20 years of innovation and leadership experience in the MENA property sector, backed by its core competencies of networking and know-how. TASWEEK’s service portfolio includes Purchase and Sale of Strategic Assets; Asset Management; Joint Ventures and Strategic Alliances; and Marketing Consultancy.