SINGAPORE (May 31): Perennial Real Estate Holdings has, through its wholly-owned subsidiary Perennial SL, acquired an effective 60% stake in a land parcel located in Sentul City, Bogor Regency, Indonesia, for a consideration of US$15.6 million ($21 million).

This was accomplished with Perennial SL’s acquisition of a 100% interest in Sanctuary City, a company that owns a 60% stake in the 246,982 sq m land parcel known as PT Bhakti Bangun Harmoni (BBH).

The land parcel will be jointly developed into a predominantly-residential development by Perennial with Indonesia’s PT Cipta Harmoni Lestari, which holds the remaining 40% interest.

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