Lippo Group to construct $21 billion industrial center near Jakarta

Indonesian conglomerate Lippo Group stated recently it plans to develop a $21 billion center near Jakarta targeting the automobile and electronic markets, and will include luxury hotels, shopping malls and universities.

Billed as the “Shenzhen of Indonesia”, the Meikarta task is Lippo’s biggest to this day and will consist of collaborations with Japan’s Mitsubishi Group, Toyota and Sanko Soflan Holdings. Shenzhen is among China’s richest and biggest manufacturing hubs.

“Meikarta and its surrounding location has a genuine potential to be the most crucial city in Indonesia,” the company stated.

In the first stage of advancement, the industrial center will be constructed on a 22 million square meter area located in a passage linking the Indonesian capital of Jakarta to the West Java city of Bandung.

The location is surrounded by industrial estates where millions of vehicles, motorcycles and electronic products are produced annually.

Pre-sales of domestic units will begin later on this month, with the first stage of construction of the entire task to be finished in 3 years, the company stated.

Lippo will fund its investment from its own capital, loans, and pre-sales of homes in the task.