Wed, 16 Apr 2008
PT Pancakarya Griyatama will build an integrated property project called Tangerang City with an investment of around Rp1 trillion ($111 million) in Tangerang, Banten, Antara reported Tuesday (8/4/08).

The project to be built over a 10-hectare plot of land in the center of Tangerang city is to be completed in 2010, Pancakarya vice president Calvin Lukmantara said.

The first phase of construction will include construction ofshop houses and a shopping mall, to be followed by apartment towers with 1,500 units and a hotel with 250 rooms.

The company is seeking loans from a number of banks to help finance the project, Lukmantara said.

Sriwijaya to lease 13 new Boeing aircraft
Sriwijaya Air said it will lease 13 new Airbus A320 aircraft and 737-800NG planes to support its expansion plan to serve regional routes, Antara reported Tuesday (8/4/08).

Airline president Chandra Lie said the airline is working toward mid- and long-term programs ahead of the implementation of the ASEAN Open Sky agreement.

Lie said the company will use 10 Boeing 737-800NG and three Airbus A320 starting in 2013 to serve flights in the region such as to Bangkok.

He said his company and Airbus have met twice to discuss the plan to use Airbus A320 aircraft, but the price has yet to be agreed upon.

Bakrieland expects toll road operations start in 2H 2009
PT Bakrieland Development said Wednesday (9/4/08) its shareholders have approved a plan to buy a 34-km toll road project in Java which it expects will begin operating by the second half of 2009, Dow Jones reported.

"The income from this project will represent a significant contribution to our revenue for the next five years," Bakrieland chief executive Hiramsyah Thaib said.

The venture is part of the property company's efforts to generate recurring revenue. It is planning also to enter the tap water business in West Java.

The Kanci-Pejagan toll road is part of the Trans-Java toll road projects which the government is offering to investors.

Bakrieland Wednesday also got shareholder approval to sell a 30% stake in a unit that is developing an apartment, shopping and office complex in one of Jakarta's prime business areas.

The stake will be sold for $110 million to Limitless LLC, a subsidiary of Dubai World.



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