Sinarmas Land Limited and KOP Limited signed a memorandum of understanding (MOU) on Sunday to jointly develop parts of the 228-hectare Nuvasa Bay in Nongsa, Batam. Nuvasa Bay is positioned as a mixed-use development with landed houses, low-rise condominiums, serviced apartments and condotels on the beachfront, as well as retail and entertainment facilities.
The first phase of development will cost Rp4 trillion ($400 million) and will be spread out over the next five years. A total of 200 houses and 550 condominium units are expected to be released in the first launch at end-2016, while construction is targeted to commence in 1Q2017.
Nuvasa Bay is located within a 30-minute ferry ride from Singapore and a 15-minute drive from Hang Nadim International Airport.