The Bali Tourism Development Corporation (BTDC), a key partner assisting the Indonesian government in infrastructure building, has signed a joint venture with Emaar Properties PJSC, one of the world’s leading property developers, to undertake the Lombok mega-tourism and mixed-use project.
In the presence of Indonesian President Dr Susilo Bambang Yudhoyono, Mr I Made Mandra, President Director, BTDC, and Mr Muhammad Lutfi, Chief, Investment Coordinating Board, signed the joint venture agreement with Mr Mohamed Ali Alabbar, Chairman, Emaar Properties, in Dubai, today.
The flagship Lombok project is envisaged as a world-class residential and resort community sprawling over 1,175 hectares. Masterplanning for the AED 2.2 billion (US$600 million; IDR5446 billion) development will begin in April. Set on the pristine Kuta and Tanjung beaches, the project will be environment-friendly and integrate residential, leisure and hospitality zones. The JV will also explore further growth opportunities in Indonesia.
Mr Mandra said: “The joint venture with Emaar Properties underscores the strong bilateral business relations between Indonesia and the UAE. Indonesia welcomes investments that add to the socio-economic prosperity of our people, and Emaar with its proven competencies as a world-class developer, can contribute to the country’s economic growth. The Lombok project will particularly focus on tourism to complement the growing appeal of the destination.”
Mr Alabbar said: “Bali Tourism Development Corporation has been one of the prime drivers of the Indonesian economy, and has accomplished several milestone projects with a focus on infrastructure building. The joint venture lends momentum to our expansion plans for Indonesia, a key market where we have already been involved in developing eco-friendly homes in Ngelepen to rehabilitate the earthquake affected.”
Emaar is one of the first developers from the Middle East and North Africa region to expand into Indonesia, an emerging market with strong growth potential, especially in the tourism sector. Last year, Emaar signed the Memorandum of Understanding (MoU) with Perusahaan Pengelola Aset (PPA), the state-owned Asset Management Company, for developing the Lombok project.
The focus of the project will be to drive tourism to the region by offering a diverse leisure spread such as diving, snorkeling, hiking and surfing sports, for which Lombok is acclaimed globally. There will be a 7 km natural waterfront supporting a marina, luxury residences, golf course and resorts to be operated by five-star hospitality chains.
Established in 1973, BTDC supports the Indonesian government in economic and national development, with emphasis on strengthening foreign investment and creating job opportunities. BTDC has been instrumental in the inception of some of Indonesia’s renowned development projects including hotels, resorts and shopping complexes.
Emaar's expansion to Indonesia is in line with its Vision 2010 to become one of the most valuable companies in the world through geographic expansion and business segmentation. Emaar has a growing presence in Asia, and has already opened its first Emaar - Raffles International School in Singapore.
