Limitless enters Indonesia with $1.7b JV in Jakarta

Limitless, the global real estate arm of Dubai World, said on Thursday it is to develop a $1.7bn mixed-use project in the Indonesian capital Jakarta. The 33-hectare Rasuna Epicentrum is the first project for Limitless in Indonesia, and the fourth in South East Asia. The company already has developments underway in Malaysia and Vietnam. In total,

Limitless now has 11 global projects, worth over $100 bn, covering more than 20,000 hectares and accommodating three million people.

The announcement on the Rasuna Epicentrum project follows the signing of a joint venture between Limitless and Jakarta-based Bakrieland Development (BLD). Under the agreement, Limitless becomes a 30% shareholder in Bakrie Swasakti Utama, Bumi Daya Makmur and Superwish Perkasa, subsidiaries of BLD.

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 m² of office and residential towers. The development - open to foreign investors - will also have retail and entertainment facilities. It will be completed in phases over the next eight years.

Saeed Ahmed Saeed, CEO of Limitless, said: '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.'