Jakarta. Indonesia’s leading real estate companies, Agung Sedayu and Salim Group, plan to acquire seven companies at an approximate value of Rp 9.4 trillion ($613 million) as part of their joint venture project focused on the development of the Pantai Indah Kapuk area along the coastal region of West Jakarta.

Agung Sedayu, represented by its subsidiary Pantai Indah Kapuk Dua (PANI), along with Salim Group, are currently developing a contemporary residential and commercial complex dubbed the "new Jakarta city."

The proposed acquisitions are strategically aimed at bolstering the smart city initiative within the Pantai Indah Kapuk 2 (PIK 2) precinct, encompassing a comprehensive array of amenities.

This project encompasses shopping malls, an exhibition and convention center, commercial districts, a sports stadium, residential edifices, educational institutions, universities, tourist attractions, culinary establishments, and a dedicated facility for products of Indonesian design.

The acquisition will be directed at seven companies, namely Bumindo Mekar Wibawa, Cahaya Inti Sentosa, Jaya Indah Sentosa, Kemilau Karya Utama, Karunia Utama Selaras, Sumber Cipta Utama, and Sharindo Matratama.

"Each of the identified entities operates within the real estate sector and possesses land parcels situated within the PIK 2 area," PANI said in a statement issued on Monday.
 
PANI and Salim Group have scheduled an extraordinary shareholders' meeting to delve deeper into the acquisition strategy next month.

Since the middle of 2022, PANI has already concluded the acquisition of three additional companies, a move that expanded the development zone within PIK 2. As of now, PANI controls 743 hectares of land amounting to Rp 10 trillion, earmarked for future real estate ventures within the area.

This ambitious undertaking aligns with the government's blueprint to build a toll road linking the vicinity with the existing expressway to the Soekarno-Hatta Airport and surrounding cities.