Sinar Mas Land Earns Profits Selling Property in London

TheIndonesia.id - Sinar Mas Land through its subsidiary, Sinarmas Land Limited based in Singapore, has signed a sale and purchase agreement for property assets at 33 Horseferry Road, London with Lembaga Tabung Haji (LTH) from Malaysia with a transaction value of £247.5 million or equivalent to Rp4.42 trillion.

Deputy Group CEO of Investment International Tech & Emerging Sinar Mas Land, Ferdinand Sadeli, in Tangerang Tuesday, in his statement said the building was acquired by Sinar Mas Land for £188.6 million or equivalent to Rp3.6 trillion on June 29, 2017.

This commercial building is a Grade A office building with a total building area of 16,778 square meters. It has an office area of 15,213 square meters consisting of a basement, ground floor, and five floors above it as well as a commercial area of 1,565 square meters. The building at 33 Horseferry Road is located in central London and is within walking distance of the Central Parliament Building, Palace of Westminster.

"In addition to project development in Indonesia, Sinar Mas Land continues to strengthen the diversification of its foreign investment portfolio. The divestment of commercial buildings in the UK is a surplus from the investments we have made several years ago. This step is also proof of the company's performance and existence in the international property competition," he said.

Since 2013, Sinar Mas Land has owned several commercial property projects in the City of London including the Alphabeta Building with a total investment value of £280 million and the 32-50 Strand with a total investment value of £195 million. In addition to commercial buildings, Sinar Mas Land is also expanding into some overseas property projects, such as residential and recreational centers.

Sinar Mas Land owns property in China in the form of residential areas in Taicang, Shenyang, and Chengdu with a land area of 246,000 square meters. While in Malaysia there are hotels and resorts with a land area of 300 hectares.

"Sinar Mas Land also acquired a portion of a property development company in the United States to expand the company's footprint globally," he said.