Dubaiís Limitless Eyes $1.7b Project

Limitless, a real estate arm of Dubai World, is looking to develop a mixed-use project in Jakarta at an estimated development cost of $1.7 billion.

The company may invest about Rp2 trillion ($220 million) for a 30% stake in PT Bakrie Swasakti Utama, a unit of property developer PT Bakrieland Development, Bloomberg News reported, citing Bakrieland spokesman Nuzirman Nurdin.

Limitless spokeswoman Rebecca Rees confirmed to Gulf News the company has signed a memorandum of understanding to work on the $1.7 billion Rasuna Epicentrum project in Jakarta, but "the details have not been finalized yet". She declined to say how much the company is paying for its stake in the Bakrieland unit.

The project covers 37 hectares and will have commercial offices, apartments and retail space. The Dubai company has a development team in Singapore to look for opportunities in Southeast Asia, and Jakarta will be its second project in the region after one in Vietnam.
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