MilikiRumah targets US$50m fund for affordable housing expansion in Indonesia
MilikiRumah is aiming to raise a US$50 million private equity fund to scale its rent-to-own housing programme in the country, targeting segments of the population typically excluded from conventional mortgage financing.
The company aims to have a first close of US$10 million in the third quarter of this year, while raising the remaining capital in successive US$10 million tranches over the next two years.
The funds will be used to develop build-to-order landed homes in collaboration with local real estate developers. MilikiRumah currently has a pipeline of 500 hectares of land spread across seven to 10 parcels – mostly in Greater Jakarta – that can accommodate up to 45,000 homes. The company estimates that the initial US$10 million will enable it to build around 2,700 landed homes.
Read the full article here: https://www.businesstimes.com.sg/international/asean/milikirumah-eyes-us50-million-fund-expand-rent-own-indon-programme
