Tomy Winata and MGM Hospitality are joining forces to build a Rp18 trillion ($2 billion) skyscraper in Jakarta, which will be the tallest building in Indonesia. The 638-meter tower, to be named the Signature Tower, will be the world’s fifth largest building, and will house a hotel, convention center and retail space.
The Signature Tower will include a 290-room Bellagio Hotel in its top 20 floors. The convention center itself will have a total floor area of 15,000 square meters, and will be capable of accommodating up to 6,000 people, according to the Jakarta Times.
The Signature Tower will be designed by Smallwood, Reynolds, Stewart, Stewart & Associates.
"We think this is the right moment for building the tower," Agung Prabowo, a director of Danayasa Arthatama, which will manage the hotel, told the Financial Times. "With a fast growing Indonesian economy, we expect that by the time the tower is finished, the supply of office space and rooms will meet demand."
Jakarta is one of the fastest growing office rental markets in Asia. High-end office rents in the central business district increased 35 percent last year and the occupancy rate forecast to rise to 95 percent by 2013 due to the arrival of new foreign investors and expansion by Indonesian companies.
The building rank as the world’s fifth tallest, according to the CTBUH’s Tallest 20 in 2020 report.