Investment holding company Tuan Sing Holdings Limited and real estate specialist Mitsubishi Estate Co., Ltd. (MEC) are teaming up to develop an international luxury outlet mall in Karawang called The Grand Outlet – East Jakarta. They are both established property developers in the region, each having a diversified portfolio across several countries. The development will be undertaken by a 50:50 joint venture company PT Karawang Outlet Mall, which will also operate the mall.
The first phase of the outlet mall will be built on a nine-hectare site at the cost of approximately SGD 90 million (USD 66 million). Construction is set to begin in the second quarter of 2022, with an expected completion date in the final quarter of 2023. Upon completion, The Grand Outlet – East Jakarta will have a leasable area of approximately 26,000 square meters. It will house around 180 stores with a wide range of retail services and dining establishments. There will be enough parking for 1,000 cars and 180 motorcycles.
The Grand Outlet – East Jakarta will also be well connected. The outlet mall is only an hour’s drive from Central Jakarta. In fact, the development of Indonesia’s first high-speed rail (HSR) between Jakarta and Bandung, scheduled to be finished by the end of 2022, will improve connections with Karawang.
Mitra Adiperkasa (MAP), a leading retailer and distributor in Indonesia with over 2,600 outlets, is one of many interested players seeking to be a major tenant at The Grand Outlet – East Jakarta. MAP has a diversified portfolio that includes sports, fashion, department stores, kids, food & beverage, and lifestyle products. Some of its iconic brands include Starbucks, Apple, Zara, Marks & Spencer, SOGO, SEIBU, Subway, and Reebok, among others.
(Source: Tuan Sing Holdings Limited)