Emaar enters Southeast Asia with real estate project in Indonesia

Emaar enters Southeast Asia with real estate project in Indonesia
1-May-2007

Emaar launches Dh2.2 billion mixed-used realty project in Indonesia
The development is set at Mandalika Beach on Lombok Island
Indonesia is Emaar’s 16th expansion market
Emaar Properties, the Dubai-based global real estate major, has expanded its geographical presence into Southeast Asia with a mixed-use realty project spread over 1,200 hectares in Central Lombok Island in Indonesia worth Dh2.2 billion. Mohamed Ali Alabbar, Chairman, Emaar Properties and Muhammad Syahrial, President Director, Perusahaan Pengelola Aset (PPA), the state-owned Asset Management Company signed a Memorandum of Understanding (MoU) in the presence of Indonesian Vice President His Excellency Jusuf Kalla.

Mr. Alabbar, said, “ Indonesia is our sixteenth global market and the Lombok development will scale up our property portfolio to a wider Southeast Asian region. The Lombok project also marks our consolidation of the property development roster by having world-class developments in emerging markets with high growth potential. Eco-friendly measures will be adapted for the Lombok project to ensure that residents can enjoy the advantages of living in tune with nature. The leisure spread will incorporate diving, snorkeling, hiking and surfing sports, for which Lombok is acclaimed globally”.

Lombok real estate project is set at the pristine Mandalika Beach with a 7 km natural waterfront, which will support a marina, apart from luxury residences and resorts by five-star hospitality chains. The homes will employ tropical designs and low-rise architecture in tune with the surroundings. Emaar has an overseas development portfolio of over Dh220 billion and has a significant presence in the emerging markets in Middle East and North Africa, the Indian Subcontinent, the USA and Europe. In Dubai, it is developing Burj Dubai, on course to becoming the world’s tallest tower, and The Dubai Mall, one of the world’s largest shopping and entertainment destinations.