PT Bakrieland Development, 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, Bakrieland’s Chief Executive Officer Hiramsyah Sambudhy Thaib said. Limitless said it’s assessing its options for the venture.
“We’re trying to accelerate the progress again” after a delay in the development, Thaib said in an interview in Singapore yesterday. “We are now discussing the possibility of them pulling out of the deal. We are really hoping that we can move this project faster, after decisions are made.”
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