Plaza Indonesia plans to build new apartment building
The Jakarta Post, Jakarta
PT Plaza Indonesia Realty Tbk, the listed company that operates the Plaza Indonesia shopping center and Grand Hyatt hotel in Jakarta, plans to build a new apartment building near the shopping complex as part of the company's expansion drive.
Company director M. Sjohirin said Wednesday that the new apartment block, which would be named Keraton-The Grand Hyatt Residence, would stand on about 49,200 square meters of land near the Plaza Indonesia shopping complex on Jl. Thamrin, Central Jakarta.
Sjohirin said that unlike a "real" Keraton, which means a palace in Javanese, the new apartment block would offer modern and luxurious urban living in all its 88 apartments.
Sixty-eight of the apartments, each with a floor space of between 400 and 500 square meters, would be for sale and the other 20, each with a floor space of 200 square meters, would be leased.
"Keraton-The Grand Hyatt Residence will provide a sophisticated security system, individual private foyers and also 5-star hotel services and facilities, such as a pool deck and club floor for the residents," he said.
He added that residents would have the freedom to design the interiors and lay-outs of their apartments to suit their own personal lifestyles.
"They will also have a private entrance on Jl. Thamrin and direct access to the Plaza Indonesia retail extension," he said.
The company had yet to determine the prices of the apartments.
However, those interested in living in Keraton will have to wait for another three years as construction will only be completed in 2009.
The construction of Keraton-The Grand Hyatt Residence is part of the company's expansion plan, which is due to start in the second semester of 2006, Sjohirin said.
Besides the apartment building, according to the company's 2005 annual report, the expansion plan also includes the extension of the Plaza Indonesia shopping center and the construction of an office building to be called The Plaza Tower. The expansion had originally been planned before the economic crisis but was put on hold in 1998.
With the foundations completed in 1998, the shopping center expansion, Keraton Residence and Plaza Tower plans were dusted off again in 2004. The construction of the expanded retail area is expected to be completed in the second semester of 2008 and the Plaza Tower and Keraton in the second semester of 2009.
Finance director Hendra Hartono said the company, which was established in 1983, would invest US$225 million in the projects, of which some $150 million would come from bank loans.
"We will receive financial support from Sumitomo Banking Corp," he said.(07).