Kuningan new tower topped off<\/p>\n
JAKARTA (JP): A new tower building in Kuningan, South Jakarta,
\nis set to be completed by the end of the year, the director of PT
\nRajawali Adiwisma, Erwinaryo, said Friday after a topping-off
\nceremony.<\/p>\n
The new building, called Menara Rajawali, is located on Jl.
\nProf. Dr. Satrio and will be the first office space available
\nalong with Menara 2000 in Mega Kuningan, a complex inspired by
\nSingapore's Orchard Road, Erwinaryo said.<\/p>\n
Situated in Jakarta's Golden Triangle, where the city's three
\nmain streets -- Jl. Sudirman, Jl. Gatot Subroto and Jl. HR Rasuna
\nSaid -- meet, the 27-story Menara Rajawali's total investment is
\nUS$50 million, he said.<\/p>\n
\"We spent about US$10 million to buy the 6,163-square-meter
\nplot,\" he said, adding that land prices in Mega Kuningan were
\nconsiderably lower than for Jl. Sudirman. Kuningan offered good
\nprospects for the property industry, he said.<\/p>\n
The 50,334-square-meter building is allocating 30,950 square
\nmeters for office space, 40 percent of which will be titled for
\nRajawali Adiwisima's mother company, Rajawali Corporation, and
\nits subsidiaries. Of the remaining 18,500 square meters of
\navailable office, 20 percent has already been rented, he
\nexplained.<\/p>\n
Noting the oversupply of office space in Jakarta, the
\ncompany's property marketing manager Taufik Malik said there were
\naround 500,000 square meters of office space available in the
\ncity now, or 10 percent more than the public demand.<\/p>\n
The Center for Indonesia Property Studies chairman, Panangian
\nSimanungkalit, said supply could reach 234,000 square meters by
\nthe end of the year.<\/p>\n
Taufik said most buildings in Jakarta had only between 7
\npercent and 10 percent vacancy rate. He said the company expected
\nthe same percentage would be enjoyed by Menara Rajawali, whose
\nmonthly rental fees are set at $16 per square meter, excluding a
\n$7 service charge for each square meter.<\/p>\n
Panangian said current office-space rent is between $14.50 per
\nsquare meter and $15.50 for new grade A premises in central
\nbusiness districts.<\/p>\n
The tower has been constructed by South Korean Samsung
\nCorporation and Indonesian PT Duta Graha Indah.<\/p>\n
The building is designed by Timothy Seow Group of Singapore
\nand Indonesian Team 4. (10)<\/p>",
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