Jakarta’s skyline is set to change in a dramatic way with the planned development of the US$2-billion Signature Tower attesting to Indonesia’s new economic confidence.

Rising 111 storeys and 635 metres, including 70 floors of office space, the building planned by Indonesian tycoon Tommy Winata would be the fifth tallest in the world and would eclipse Petronas Towers as the tallest in Asean.

Mr Winata’s Artha Graha Network, through subsidiary PT Danayasa Arthatama Tbk, has chosen MGM Hospitality to manage the hotel and serviced apartments in the tower in the central business district of Sudirman in Jakarta

“The presence of MGM will bring new colour and a vibrant atmosphere to the Jakarta metropolis, so that it becomes equivalent to other metropolitan cities in the world,” said Santoso Gunara, president of PT Danayasa Arthatama Tbk.

The developers are currently lining up project financing, which will consist of internal cash flow and bank loans. Construction is expected to start this year and to be completed in 2017.

Mr Gunara expects the tower, with a height of 635 metres, will be acknowledged as the fifth tallest building in the world by The Skycraper Center owned by the Council on Tall Buildings and Urban Habitat.

The Burj Khalifa in Dubai, at 829.8 metres, is currently the world’s tallest building. Kingdom Tower in Jeddah, Saudi Arabia, would set the record at 1,000 metres if it gets built as planned by 2017 or 2018. The Petronas complex in Kuala Lumpur is ranked 31st with a height of 452 metres and 88 floors.

US-based MGM Hospitality will manage 290 luxury rooms in the Bellagio Hotel, which will take up the top 20 floors of the Jakarta development. The same company will also manage 350 hotel rooms and serviced apartments in the south tower under its MGM Grand Hotel & Serviced Apartments brand.

The two towers will be connected by a nine-floor podium featuring retail space and the MGM Jakarta Convention Center, which will cover 15,000 square metres and can accommodate activities for 6,000 people or more.

With experience managing some of the world’s top hotels and convention centres in Las Vegas, Detroit, Beijing, Tianjin, Macau, Mumbai, Dubai, Abu Dhabi and Cairo, MGM expects to bring more world-class conferences and entertainment to Jakarta.

The developers led by Mr Winata and Mr Gunara officially signed the agreement with MGM Hospitality in Las Vegas on May 21.

Established in 1987 and listed on the Indonesia Stock Exchange in December 2009, PT Danayasa Arthatama Tbk is the developer of the Sudirman Business Center District (SCBD), an integrated site covering 45 hectares in Jakarta.

Artha Graha Network is engaged in property business, IT and telecommunications, agro-industry, mining, finance, media and entertainment, as well as infrastructure.

Artha Graha, through PT Graha Banten Lampung Sejahtera, is also working on feasibility studies for the 29-kilometre Sunda Strait Bridge, valued at an estimated $10.9 billion, which would link Java and Sumatra.