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08 December 2023

UAE company plans $300m project in Indonesia

$300 million mixed-use development will be built in Bintan, said Masood Al Awar, CEO, Tasweek. (Supplied)

By Staff

Tasweek Real Estate Development and Marketing, a UAE-based company, is planning a new joint venture for building a 26-hectare mixed-use housing, retail and hospitality complex in Indonesia.

The $300 million mixed-use development will be built in Bintan, the largest island in the Riau Archipelago of Indonesia, and will include one 250-room hotel; six 20-floor condominium towers with seven units on each floor for a total of 840 units; 34 villas of varying sizes; and a 15,000 square meter commercial area.

“We constantly seek different types of properties from around the world and build developments in high-potential locations with strong fundamentals. Our new project in Bintan Island aims to meet the rising demand for housing with a unique resort environment,” said Masood Al Awar, CEO, Tasweek, said.

“The growth potential of the Indonesia real estate sector is very strong, driven by factors ranging from investor confidence and robust market fundamentals to a consumption-driven economy and excellent corporate expansion strategies,” he added.