POSCO E&C will participate in the private-led project to develop a new city in Indonesia.
POSCO E&C made an announcement on Sept. 10 that it signed an MOA with the owner, Media Nusantara Infra (MNC) Group, and a major shareholder, KEB Hana Bank and IBK Securities, to participate in the first -phase LIDO new town project and financing. The MNC group is a media and real estate development company that represents Indonesia.
The Lido new town project is a 30 million square meter project owned by the MNC Group near Bogor, Java, about 70 kilometers from Jakarta.
POSCO E&C will build a PGA-class golf course (18 holes), a six-star hotel (120 rooms), and a condo and villa for the first stage of the project on the 2 million square meter site.
POSCO E&C, which has experiences and know-how in developing new cities in and out of South Korea such as Songdo in Incheon and An Khanh in Vietnam, signed an 'MOU' with the MNC Group for the LIDO new town development project in November last year and agreed on the PF financing with a major shareholder.
"In addition to the new town development project in LIDO, we expect to receive orders for the Bali Trump Resort Project, which will be promoted by the MNC Group, as well as development projects that need construction and financing in Indonesia," a POSCO E&C official said.
"We will also participate in another landmark project following the Rajawali Place Project, which is currently building a luxury hotel and office in central Jakarta," he added.