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Pairing up with Krakatau Steel, PP Properti to take prospects in Cilegon

04 August 2022 15:24

JAKARTA. PT PP Properti Tbk (PPRO) collaborates with PT Krakatau Sarana Infrastruktur (KSI), a subsidiary of PT Krakatau Steel Tbk (KRAS), to develop the Krakatau Urban Valley residential project.

PPRO and KSI have signed the Memorandum of Understanding (MoU) regarding the collaboration for the development of Krakatau Urban Valley. MoU will be effective for one year since the signing date on August 1, 2022.

The Krakatau Urban Valley residential project will take place in Cilegon, Banten. It will employ the land bank owned by KSI of 180 hectares.

Fajar Saiful Bahri, Director of PPRO, claimed that Cilegon is the right alternative location these days, especially following the Cilegon Industrial Zone. Furthermore, several existing tenants in said area have been planning to establish new factories in order to increase its capacity.

“It will subsequently increase the potential of residential demands in Cilegon,” Bahri explained in the information disclosure in Indonesia Stock Exchange (IDX).

On top of becoming a residential zone, Krakatau Urban Valley will also have a hotel, commercial areas, and educational infrastructure built in the area. (KR/ZH)

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