Posco E&C signs deal to build resort facilities in Indonesia

Park Sae-jin Reporter Posted : 2018-09-11 17:54 Updated : 2018-09-11 17:54
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[Courtesy of POSCO E&C]

SEOUL -- Posco E&C, a construction arm of South Korea's top steelmaker, agreed with Indonesia's media and real estate giant MNC Group to build resort facilities in a $120 million in West Java

Posco E&C said in a statement on Tuesday that it signed a memorandum of association (MOA) with MNC Group and investors -- KEB Hana Bank and IBK Securities -- to build a golf course, a hotel, villas and condominiums in Lido, some 47 kilometers (29 miles) south of Jakarta.

KEB Hana and IBK Securities will invest $100 million in the project, which is the first phase development of Lido New Town. MNC plans to develop Lido into a leisure, entertainment and lifestyle resort complex, including a massive theme park.