City-owned firm builds modest apartments<\/p>\n
JAKARTA (JP): Another middle class apartment building for
\nyoung married couples has been put on the market by PT
\nSaranawisesa Properindo, a joint venture between Wijayawisesa
\nGroup and city-owned property company PD Sarana Jaya.<\/p>\n
Tebet Park Residence is located in Tebet in South Jakarta and
\nconsists of four towers, two of 26 floors and the others of 24
\nfloors.<\/p>\n
Director of the company Randolph S.Y. Bubu said he is
\noptimistic the apartments will be sold out soon because the
\nmarket target are young married couples with a combined income of
\nat least Rp 5 million per month (US$2,192).<\/p>\n
He explained that although compared to other apartment
\ncomplexes the location is a little farther from the business
\ncenter districts, it is not the only thing desired by customers.<\/p>\n
"They are also looking for privacy. They are more comfortable
\nwith a smaller complex consisting of only 800 units," said
\nRandolph.<\/p>\n
The sizes of the apartments range from 83 to 115 square-meters
\nand the price tag is Rp 2 million per square-meter. The
\nconstruction of the project is worth Rp 185 billion, of which 40
\npercent was financed by PD Sarana Jaya and the remaining 60
\npercent by Wijayawisesa Group.<\/p>\n
Prospects in Indonesia's middle class apartment business are
\nprojected to remain bright over the next two to three years due
\nto the rising number of wealthy young married couples with
\nmonthly incomes of around Rp 5 million.<\/p>\n
Earlier research of Colliers Jardine Indonesia has revealed
\nthat over 40,000 wealthy couples are interested in buying
\napartments located near their offices. (yns)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/city-owned-firm-builds-modest-apartments-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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