Korea Land and Housing Corporation (LH) formed a Korean consortium with Hyundai Engineering (HEC) on Dec. 18 and the consortium signed an agreement to develop a complex industrial complex in Bekasi, Indonesia with PT.BIRA SEMESTA, a local Indonesian corporation.
Indonesia's Bekasi complex will be built with a total of 4 million square meters (about 1.21 million pyeong) in the Bekashi County, western Java province, about 35 kilometers from the capital Jakarta. It will be created as a smart complex combining housing, industry and commerce.
PT.BIRA SEMESTA, a local special purpose corporation, has started purchasing land since 2016 and has secured more than 50% (about 2.14 million square meters) of the total area of the current business district.
After establishing a master plan in 2017 and obtaining approval for the development project in 2019, it is purchasing additional remaining sites.
LH and Hyundai Engineering signed a business agreement on Dec. 4 to jointly participate in the project, and the Korean Consortium signed an additional business agreement with PT.BIRA SEMESTA in writing on Dec. 18.
In the first half of next year, they plan to recruit investors after conducting a feasibility study on the project and sign an agreement as soon as possible to carry out the project.
Lee Yong-sam, head of LH's global business division, said, "With this agreement, we will develop the first Korean-style industrial complex in Indonesia to help Korean companies enter overseas markets and create jobs, and to make a big milestone in building bilateral economic cooperation."
