PT Bakrieland Development Tbk ,Indonesia's second-biggest property developer by assets, said
its partner Dubai World may pull out of a real estate project in Jakarta and expects a decision within three months.
Limitless LLC, a property developer owned by Dubai World, agreed in September 2008 to invest in the project, valued at $1.7 billion at the time, and has delayed its investment
following the global credit crisis.
its partner Dubai World may pull out of a real estate project in Jakarta and expects a decision within three months.
Limitless LLC, a property developer owned by Dubai World, agreed in September 2008 to invest in the project, valued at $1.7 billion at the time, and has delayed its investment
following the global credit crisis.
New investors may help revive the Rasuna Epicentrum apartment, office and retail project located in one of Jakarta busiest business districts, which was initially expected to be completed this year. Bakrieland, which is forecasting a 2012 completion, may divide Limitless stake into
smaller portions to attract more investors should the company decide to pull out.
smaller portions to attract more investors should the company decide to pull out.
Dubai, the second-biggest of the seven sheikhdoms that make up the United Arab Emirates, sought neighboring Abu Dhabi's help after the global crisis pushed property prices down by more than half and frozen credit markets forced some state-owned companies
to delay loan payments.
to delay loan payments.
State-owned Dubai World signed a final agreement to restructure $25 billion of debt in March.
Limitless invested in Rasuna Epicentrum three years ago as its first development in Indonesia in a bid to expand overseas.
Limitless invested in Rasuna Epicentrum three years ago as its first development in Indonesia in a bid to expand overseas.
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