The founder of major Indonesian conglomerate Lippo Group is eyeing the U.S. property market for its next investment.
Lippo Group, which controls more than $15 billion in assets, recently bought the 72-storey U.S. Bank Tower in Los Angeles for $368 million and launched a second real-estate investment trust (REIT) in Singapore - the Lippo Malls Indonesia Retail Trust - but said it will focus on the U.S. for its next purchase.
"I believe that the U.S. is in the stage of picking up," said founder Mochtar Riady who spoke to CNBC at the Credit Suisse Global Megatrends Conference.
The world's largest economy grew a meager 0.1 percent on year in the first quarter after a severe winter hampered exports and hurt investment spending, but most analysts say it will prove a temporary glitch and the economy is showing signs of a recovery.
"So at this moment, property prices in the U.S. are still considered quite reasonable - so it is a chance to move in," he said, adding that Los Angeles and New York would be their primary areas of focus.
Riady was also optimistic about growth in Indonesia, noting he expects the economy to get a boost following the upcoming presidential elections in July.
Indonesia is one of the fastest growing economies in the world, logging near 6 percent annual growth last year, but has suffered recently after the fallout from tapering by the U.S. Federal Reserve prompted a mass exodus from emerging market assets.
Indonesia's central bank was forced to hike interest rates five times since mid-2013 in an attempt to prop up the currency, which lost 26 percent last year.
The continued impact of Fed tapering, political uncertainty and a controversial mineral export ban are all seen as worry headwinds for the economy.
"After having the elections, you make people more confident about what will be going on in the future," said Riady.
"And so far I think (that) three big political parties have the same concept, same idea, so I believe they will work together and move forward to go in the right direction," he added.