Mitsubishi forms JV with Lippo to develop condominium towers in Jakarta

27 October 2015 (Last Updated October 27th, 2015 18:30)

Mitsubishi has formed a partnership with Lippo Cikarang (Lippo), a subsidiary under Lippo Group, to be a part of a condominium development project in eastern Jakarta.

MC Lippo condominium

Mitsubishi has formed a partnership with Lippo Cikarang (Lippo), a subsidiary under Lippo Group, to be part of a condominium development project in eastern Jakarta.

Named the Orange County Project (OC Project), it involves the development of a large-scale township across 322ha of land in the Chikarang area.

The project aims to create a new city to house over 72,000 residents and a commuting population of more than 150,000.

It will comprise urban infrastructure constructions including offices, residences, commercial centres, schools, hospitals and a chapel.

It will also offer fine dining options, along with a sky lounge, roof top bar, hotel, service apartment, wellness centre, theatre and shopping street, said Lippo Group.

Mitsubishi will be developing two condominium towers under the first phase of the OC Project in a joint venture with Lippo.

The OC project intends to develop 12 condominium towers in total and is expected to involve an investment of JPY9bn ($74.6m).

A majority stake in the JV will be held by Lippo (51%) with Mitsubishi owning 49% interest.

"The project aims to create a new city to house over 72,000 residents and a commuting population of more than 150,000."

The firms expect to start construction from April next year and bring to completion by April 2019.

The OC project has involved H.O.K for landscape design and Genius Loci for interior design, along with Royal Haskoning and TY Lin.

It is expected to house a Central Business District (CBD) and will have its own toll gate access with the toll exit Cibatu.

Earlier Lippo Homes CEO Ivan Boediono had said: "Orange County will set up a business centre, namely the Lippo CBD.

"An integrated urban development that has a similar concept to the one in California, US, where in addition to being a very dynamic business centre, also has a place for expatriate communities such as Japantown, Koreatown and Chinatown."


Image: Illustration of the project. Photo: courtesy of Mitsubishi Corporation.