UAE-based Tasweek Real Estate Development has revealed that it is considering a new joint venture for building a new 26-hectar mixed-use housing, retail and hospitality complex in Indonesia.

The mixed-use development in Bintan will include one 250-room hotel, six 20-floor towers with a total of 840 units, 34 villas of varying sizes, and a 15,000 square metre commercial area.

The development would be built on a 1.3m sq m site

The $300m project will further expand Tasweek’s diverse global real estate portfolio which includes residential, commercial, hospitality and healthcare properties in the UAE, Morocco and Malaysia.

The project plan comes as the company prepares for an initial public offering that has been in the pipeline for some time.

The firm, which was supposed to launch its IPO last month, has yet to decide whether to list in Abu Dhabi or Dubai. The IPO for 55 per cent of the company’s shares is expected to raise between AED500 million and AED700m according to the firm.

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