Apartment business expected to blossom<\/p>\n
JAKARTA (JP): Aldo Putra Brasali, the director of the Brasali
\nGroup, a property company, said yesterday that housing business
\nprospects in Indonesia will not fare as bad as earlier predicted
\nas the demand for property, especially housing, will keep strong.<\/p>\n
Aldo said that the demand for housing and shopping centers
\nwill keep increasing, while the demand for office space and five-
\nstar hotels will decrease.<\/p>\n
"The present national economic growth of six percent has
\ncreated a demand for 120,000 houses this year. I am sure the
\neconomic growth will increase while the demand for apartments, as
\nan alternative to houses, will rise automatically," he said<\/p>\n
Aldo said prospects for the high-rise property business
\nis bright because the government is now preparing a housing
\nregulation which allows foreigners to buy apartments.<\/p>\n
"The regulation will create a second boom in the apartment
\nbuilding business," he said.<\/p>\n
The Brasali group is the owner of luxurious apartments in
\nJakarta, including Park Royale on Jl. Jend. Sudirman, Le Crystal
\napartments on Jl. Terogong, South Jakarta, and Golf Hill Terace
\nin Pondok Indah area.<\/p>\n
The group is now constructing two other apartments, Batavia
\nCity on Jl. K.H. Mas Mansyur, Central Jakarta and Pangeran
\nJayakarta Palace Condominium on Jl. Pangeran Jayakarta, West
\nJakarta.<\/p>\n
Aldo said that the Batavia City will have two towers. Each
\ntower will have 34 floors and 308 units.<\/p>\n
He said all of the 308 units in the first tower have been sold
\nand 80 percent of the second tower has also been sold.<\/p>\n
The prices of the units in Batavia City apartment range from
\n$58,800 for a studio apartment to $442,000 for a penthouse.<\/p>\n
The construction of Batavia City will start in Jan. 1995 and
\nwill be completed in Mar. 1997.<\/p>\n
Aldo said Pangeran Jayakarta Palace Condominium will have 24
\nfloors and 172 units and 65 percent of it have already been sold.<\/p>\n
The prices of the units in Pangeran Jayakarta Palace
\nCondominium range from $49,900 for a studio apartment to $109,000
\nfor a penthouse.<\/p>\n
The construction of Pangeran Jayakarta Palace Condominium
\nstarted in September 1994 and is expected to be completed in
\n1996.<\/p>\n
Aldo said that the total investment in the construction of the
\nBatavia City two apartment towers is US$75 million, while for the
\nPangeran Jayakarta Palace apartments it is $18.5 million.<\/p>\n
He also said that the construction of Batavia City and
\nPangeran Jayakarta Palace Condominium is 60 percent financed by
\noffshore loans from Japanese banks such as Tokai, Mitsui and
\nSakura Bank, while the remaining 40 percent is being acquired
\nfrom the group's equity.(mas)<\/p>",
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