Arabian Business reported that PT Bakrieland Development partner Dubai World may pull out of a real estate project in Jakarta and expects a decision within 3 months.

Mr Hiramsyah Sambudhy Thaib CEO of Bakrieland said that limitless, a property developer owned by Dubai World agreed in September 2008 to invest in the project valued at USD 1.7 billion at the time and has delayed its investment following the global credit crisis.

Mr Thaib said that “We’re trying to accelerate the progress again after a delay in the development. We are now discussing the possibility of them pulling out of the deal. We are really hoping that we can move this project faster after decisions are made.”

New investors may help revive the Rasuna Epicentrum apartment, office and retail project located in one of Jakarta’s busiest business districts which was initially expected to be completed this year. Bakrieland, which is forecasting 2012 completion may divide Limitless’s stake into smaller portions to attract more investors should the company decide to pull out.

In Dubai, the Middle East’s worst performing property market in the last three years, Limitless and other developers are restarting stalled projects that are nearest to completion in the most attractive locations.

Mr Bahaa Abouhatab head of projects for Limitless said that Limitless plans to restart work on four office and residential buildings in the Galleries development in Dubai next year, adding more than 600 apartments and one million square feet of office space

(Sourced from www.arabianbusiness.com)