Emaar Properties, the UAE-based global property developer, has expanded its geographic presence in to Southeast Asia with a mixed-use project in Central Lombok Island in Indonesia. The development value of the project, spread over 1,200 hectares, is AED 2.2 billion (US$600 million; IDR 5446 billion). In the presence of Indonesian Vice President His Excellency Jusuf Kalla, Emaar Properties Chairman Mr Mohamed Ali Alabbar signed a Memorandum of Understanding (MoU) with Mr Muhammad Syahrial, President Director, Perusahaan Pengelola Aset (PPA), the state-owned Asset Management Company.
“Indonesia is our sixteenth global market and the Lombok development will scale up our property portfolio to a wider Southeast Asian region,” said Mr Alabbar. “The Lombok project also marks our consolidation of the property development roster by having world-class developments in emerging markets with high growth potential.”
He added: “Lombok is one of the most promising tourism destinations in Indonesia and has the potential to be the magnet for world-travellers. We are thankful to the Indonesian Government for their trust in us to support their development initiatives that will help position Lombok on par with Bali as a world-class tourism destination.”
Emaar’s Lombok project is set at the pristine Mandalika Beach and will be an environmentally-friendly development that integrates natural elements into a residential, leisure and hospitality zone. “Eco-friendly measures will be adapted for the Lombok project to ensure that residents can enjoy the advantages of living in tune with nature,” said Mr Alabbar. “The leisure spread will incorporate diving, snorkeling, hiking and surfing sports, for which Lombok is acclaimed globally.”
“Lombok has a long history of welcoming travelers from around the world, and tourism is the island’s largest source of income,” said Mr Syahrial. “Emaar’s resort-cum-residential project will complement our efforts to further develop Lombok while maintaining its environmentally sound tourism growth initiatives.”
Emaar’s Lombok project will have a 7 km natural waterfront, which will support a marina, apart from luxury residences and resorts by five-star hospitality chains. Emaar has already initiated the process of identifying five-star international resorts and hotel brands to be part of the development, which will also have a golf course and retail amenities. The homes will employ tropical designs and low-rise architecture in tune with the surroundings.
Emaar’s global expansion to new and emerging markets 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 already has a strong foothold in Southeast Asia, where it opened its first Emaar - Raffles International School in Singapore, which also marked the company’s diversification into education.
Emaar, today, has an overseas development portfolio of over AED 220 billion (US$60 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, its home-base, Emaar 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.
