Then, Hong Kong Land in Tangerang District joined the Nava Park project with Sinarmas Land, now transformed into New Yi-Ho Holding Group Company Limited.
A subsidiary, PT Yiho Jakarta Real Estate Development, plans to enter the Tangerang Market by launching Sentosa Park through PT Yiho Jakarta Real Estate Development, a developer based in Hong Kong, China.
The residential project, located in Tang Glong Tang Grong New Town, Banten Development Zone with an area of 2,600 hectares, is officially launched in September 2020.
Richard Oh, president of Yiho Jakarta Real Estate Development, said Sentosa Park consists of two-story homes with the lowest prices starting at $700 million.
“Our first project in Indonesia will the market grow starting September 2020,” said Richard
Why is Indonesia become the expansion area of the New Yi-Ho Group?
According to Richard, Indonesia is one of the five countries with the highest GDP after the United States, China, India, and Japan.
Also, an important consideration is the production age of 185.2 million people between 15 and 65 years old.
“These two factors confirm to us, that Indonesia will be the country with the largest economic power in the world,” he said.
These producers will be potential buyers of the Sentosa Park age group. Also, Indonesia’s Home Ownership Rate (KPR) is uneven at 2.85% of GDP in neighboring countries in Southeast Asia.
According to data from the Central Bureau of Statistics (BPS), mortgage rates in Indonesia are lower than Singapore, Malaysia, and Thailand at 46.8%, 38.8%, and 22.6% respectively.
Therefore, the New Yi-Ho Group has expanded its activities to many Asian countries such as Malaysia, Japan, Laos, and Indonesia.
“The real estate sector typically goes through a cycle every 10 years, then that sector has been facing a downside over the past five years, so I’m optimistic that things will improve over the next five years.”
The presence of the new Yi-Ho Group adds a list of developers from Hong Kong and/or China to Destiny in Indonesia.
In addition to Hong Kong land, there are names such as China Sonangol Land, Kingland Group, CCCG, Shenzhen Yantian Port Group Company Limited, Country Garden Holdings Company Limited, Wuzhou Investment Group, and Datjo Investama Group.
They develop apartments, retail homes, homes, and offices scattered across Jabodetabek.