Catalist-listed Pacific Star Development Ltd has inked a non-binding Memorandum of Understanding with PT Kukuh Mandiri Lestari (KML) to jointly develop a 10-hectare sea-front land in Pantai Indah Kapuk 2 (PIK 2) in Jakarta, Indonesia.

The 1,000-hectare PIK 2 project is being developed by master developer KML. It marks the second phase development and extension of the Pantai Indah Kapuk project. The integrated township development comprises residential, commercial, hospitality, private schools, hospitals and recreational facilities.

Under the MOU, the parties shall negotiate the terms of the proposed joint venture with regard to the development of PIK 2. The specific terms for the potential joint venture shall be set out in definitive agreements to be entered into by the parties at a later stage.

Source: Bloomberg