Indonesia`s Gapuraprima eyes 2nd IPO, Singapore REIT

The group, which began 20 years ago with housing contracts for the Indonesian military and which now has assets totalling $500 million, has also entered a joint venture with Malaysian government-owned Amanah Raya to raise $250 million via a

property trust in Singapore.

The real estate investment trust (REIT) will be based on a portfolio of shopping malls in Malaysia and Indonesia.

Perdana Gapuraprima, which focuses on mixed-use residential, commercial and retail developments in metropolitan Jakarta, is also in talks with banks for a local-currency bond issue worth 300 billion rupiah ($33 million).

Proceeds from the fund-raising will used for a planned hotel acquisition in either Bali or Jakarta, Margono said.