Sime Darby Bhd, I&P Group Sdn Bhd and SP Setia (Indonesia) Sdn Bhd signed a Memorandum of Understanding (MoU) with PT Hanson International Tbk to jointly develop about 500ha in Maja, Tangerang, 80km from Jakarta. The project has a gross development value of IDR 11.29 trillion (MYR 3.5 billion). Under the MoU, the companies will form a joint venture where the Malaysian companies have an equity interest of 20% each, while PT Hanson will hold the remaining 40%.

The parties will continue negotiations to finalise the details and work on an agreement in three months. Maja is located to the west of Jakarta and is near industrial areas in the Banten province, where there are about 400,000 people working in 1,500 factories. It is about 90 minutes from central Jakarta by train.