Joint firm to build retail complex<\/p>\n
JAKARTA (JP): PT Pusindotrida, an affiliate of Susanti Group,
\nsigned on Saturday a joint venture agreement with Meadowsville
\nInvestment Pte. Ltd., a subsidiary of Straits Steamship Land of
\nSingapore, to develop a retail complex in Surabaya, East Java.<\/p>\n
Pusindotrida's president, Halim Santoso, said that the
\nproject, which is 20 percent owned by Pusindotrida and 80 percent
\nby Meadowsville Investment Ltd., will be equipped with a hotel
\nwhich will be built in the second phase.<\/p>\n
\"The retail complex, to be established with an investment of
\nUS$60 million, will offer 36,000 square meters of shopping
\nspace,\" he said after signing the agreement.<\/p>\n
He said that the joint venture will have an equity of $15
\nmillion, of which $3 million will be contributed by Pusindotrida
\nand the other $12 million by Meadowsville.<\/p>\n
Asked about the involvement of the Singapore company in the
\nretail project, Halim said that Straits Steamship Land, the
\nproperty arm of Keppel Corporation Limited, will only build the
\ncommercial complex and will not be involved in the retail
\nbusiness.<\/p>\n
He said the complex is expected to help promote products of
\nEast Java.<\/p>\n
The executive director of Straits Steamship Land, Kevin Wong,
\nsaid that the hotel to be built in the second phase of the
\nproject will be managed by the company's subsidiary, Sedona
\nHotels International.<\/p>\n
Sedona Hotels Internationals has established an Indonesian
\nsubsidiary, Sedona Hotels Indonesia, which will manage a number
\nof hotels, including Hotel Sedona Bintan Lagoon on Bintan island,
\nSedona Bumi Minang in Padang, West Sumatra, and Sedona Makassar
\nin Ujungpandang, South Sulawesi. The subsidiary was launched on
\nSaturday by Director General of Tourism Andi Mappisammeng. (04)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/joint-firm-to-build-retail-complex-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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