Sinarmas Land Limited has entered into a joint venture with Sumitomo Forestry, Kumagai Gumi and Harjohn Timber to jointly develop a mixed-use residential and commercial project in Kuningan, Jakarta. About the project: The project is a mixed-use residential and commercial development project on a land site of 1 hectare located in Kuningan, Jakarta. The Kuningan area is considered to be one of Jakarta CBD, with the project site located 10 minutes away from the heart of Jakarta "Thamrin/Bundaran HI".

Kuningan is a mixed-use area with offices on main roads (Jl Rasuna Said) and residential development pockets on side roads. Both Kuningan area and the project will greatly benefit from the current LRT construction, as one of the main future LRT lines will pass through Jl. One of the future stations (Setiabudi LRT) will be walking distance from the project site.

Setiabudi station is one station away from the Dukuh Atas station, which is a major central node and terminal that links four major transportation lines in Jakarta (LRT airport access, MRT, LRT and buses). The LRT is expected to start operations in 2021. The project will consist of approximately 900 units and will also have first-rate amenities.

The total initial investment by all partners will be about USD 150 million and the plan is to launch sales early 2021. Partnership and profile of partners: Sumitomo Forestry Kumagai Gumi Property Asia Pte. Ltd. ("SFKG") will join the project by investing directly in the project company, PT Kusuma Sentral Kencana ("KSK") and acquiring shares from the existing shareholders of KSK.

The existing shareholders of KSK are PT Harjohn Timber ("HT") at 45% and PT Inter Sarana Prabawa ("ISP") at 55%, with ISP being a subsidiary of SML that is also engaged in real estate development activities (SML holds an effective percentage of equity of 84.37% in ISP). After the transaction, SFKG will hold 49.00%, ISP will hold 28.05% and HT will hold 22.95% of the shares of KSK. In this project, the partners are thrilled to bring a new design, as well as living and working experience to Jakarta.

The project location offers future residents and occupants unparalleled access to the best of Jakarta's transportation, convenience, entertainment and business. The three partners wish to improve Indonesian quality of life by providing modern and high-quality living and working spaces through the combination of SML and HT development know how, Kumagai Gumi construction management know how and Sumitomo Forestry's design and building materials know-how.