Jakarta, 2 July 2014 - PT MNC Land Tbk, a property developer in Indonesia, plans to spend $2 billion to $3 billion in the next 20-30 years on developing Lido Lakes Resort, a 1700ha tourism and recreation area that includes the Lido golf course in Sukabumi, West Java.
Construction will start in August, said Hary Tanoesoedibjo, CEO of the company. MNC Land will build a hotel, villas, theme park and other supporting facilities on the site.
Last year MNC Land acquired the Lido Lakes Resort, operated by PT Lido Nirwana Parahyangan, from the Bakrie Group for IDR 1.4 trillion (approx. USD 120 million).
The company will spend USD 400 million for the first phase of the development, said Darma Putra, Vice President Director at MNC Investama, which is expected to be completed in 3-4 years.
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