Dharmala to develop 14 towers<\/p>\n
JAKARTA (JP): Publicly listed PT Dharmala Intiland plans to
\ninvest around Rp 500 billion (US$205.76 million) to develop 14
\napartment towers, called Kondonusa, on Mutiara beach in North
\nJakarta, an executive said yesterday.<\/p>\n
Dharmala Intiland President Hendro Santoso Gondokusumo said
\nthe development of the apartments on the eight-hectare site would
\ntake 10 years to complete.<\/p>\n
\"The initial development will cover only four apartment
\ntowers,\" he said after the company's shareholders meeting
\nyesterday.<\/p>\n
This is to start next month and is scheduled to be completed
\nin 1999.<\/p>\n
Hendro said the projects would be funded partly by loans from
\nfinancial institutions but he declined to elaborate.<\/p>\n
He said each tower in the first development would consist of
\n120 homes which would be offered at prices ranging from Rp 150
\nmillion to Rp 500 million, targeting middle and upper class
\npeople in the Pluit area, North Jakarta.<\/p>\n
\"This is a big market to tap,\" Hendro said.<\/p>\n
Yesterday's meeting approved the management's proposal to
\ndistribute a total dividend of Rp 24.4 billion or 34.4 percent of
\nthe company's 1996 net profit.<\/p>\n
\"It is equal to Rp 100 per share,\" he said.<\/p>\n
Dharmala Intiland, which had total assets of Rp 1.16 trillion
\nas of December 1996, recorded total revenue of Rp 257.49 billion
\nand net profit of Rp 70.75 billion in 1996.<\/p>\n
Hendro said the company's revenues were derived from housing,
\napartments and office development, with 83 percent coming from
\nhousing. (09)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/dharmala-to-develop-14-towers-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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