Real Estate News | Vacation & Leisure Real Estate
Big-Name French Contractor Signs $120M Deal to Build Mixed-Use Project in Indonesia
By Alex Finkelstein | March 17, 2009 5:43 PM ET
(SINGAPORE) -- Bouygues Batiment International, a 57-year-old, France-based contractor, today signed a strategic partnership contract with PT Grand Uway Development of Batam, Indonesia, to build a $120 million mixed use project 45 minutes from Singapore.
The first phase of Grand Quarter Batam, consisting of a water park, an 11-story, 280-room condo-hotel, apartment complex and 3,000-seat convention center, is scheduled for completion by 2012.
The second phase, comprising a shopping mall, lifestyle area and office block, will take five years to complete.
"...No less than 5,000 businessmen, business women and tourists come to Batam every day," says Ansyar Heryadi, president and director of PT Grand Uway Development.
"Talking about property investment, think about Batam. Invest in Batam. It's really a good prospect," Heryadi says.
Bouygues Batiment International was drawn to the project because Batam "has a great potential in developing MICE (meeting, incentives, convention and exhibitions) business," says Ludwig Reichhold, the contractor's general manager for South Asia. "That's why we decided to support the project until completion."
The contractor has projects in 80 countries. Its worldwide work force totals 11,500, according to its Web site.
The company's projects in Singapore include Fullerton Square and The Ritz Carlton which received the Construction Excellence Award in 1997. Amid the global crisis in 1999, Bouygues Batiment successfully completed the Rasuna Apartments complex in Jakarta, says Reichhold.
Totonafo Lase, chief operation officer for PT Grand Uway Development, calls Grand Quarter Batam "an ideal vacation and MICE destination for Singaporeans because of its short distance, only 45 minutes by ferry."
The project is being built as a single integrated real estate complex on a 37-acre site in Jalan Abulyatma, Batam Center.
The convention center, condo-hotel and apartments complex will be operated by 30-year-old Aston International, headquartered at The Isle of Man located in the Irish Sea.