Keppel Land injects $266.4m into International Financial Centre Jakarta Tower 1 redevelopment

Its net leasable area will more than double.

Keppel Land will redevelop the existing International Financial Centre (IFC) Jakarta Tower 1 into a 49-storey office tower that will more than double its net leasable area to approximately 69,800 sm of premium grade office space.

The total cost to redevelop the building, excluding land cost, will be approximately $266.4 million (Rp 2,504 billion).

Keppel Land revealed that the ongoing construction of IFC Jakarta Tower 2, which will have an NLA of 50,200 sm, is progressing on track for completion in the fourth quarter of 2015.

It is the first project in Indonesia to be conferred the highest Green Mark Platinum Award by the Building and Construction Authority of Singapore (BCA).

Located along major thoroughfare Jalan Sudirman in Jakarta's financial district and within the golden triangle zone, the current 18-storey IFC Jakarta Tower 1 was completed in 1985 and is 100% owned by Keppel Land.

It is currently fully occupied with anchor tenants including Bank Mutiara, Tower Bersama, Ithaca Resources and Rintis Sejahtera.

Demolition works is targeted to begin in the first quarter of 2016. Construction works for the new tower will follow and is scheduled to be completed in the fourth quarter of 2019.

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