Lotte Group, BSD agree to tie up<\/p>\n
JAKARTA (JP): Property developer PT Bumi Serpong Damai (BSD)
\nand the Lotte Group of Korea have agreed to jointly build a hotel
\nand a shopping and recreation center in Bumi Serpong Damai,
\nTangerang, about 25 kilometers west of Jakarta.<\/p>\n
PT BSD said yesterday the Korean retail company was undergoing
\na survey and expected to announce its total investment in BSD in
\nearly 1998.<\/p>\n
The firm said the Lotte group was expected to build a hotel on
\n40 hectares and a shopping center on 325,000 square meters in
\nBumi Serpong Damai.<\/p>\n
Construction is expected to be completed within 3.5 years
\nstarting in 1999.<\/p>\n
BSD's president Budiarsa Sastrawinata said the presence of
\nLotte Group in BSD was expected to attract more investment from
\nKorea.<\/p>\n
In a later development, a center for small and medium German
\ncompanies called German House, is to open in BSD next year.<\/p>\n
The center is expected to become a one-stop service stop for
\nthe German companies.<\/p>\n
Total investment for the center, due to be completed in
\nOctober 1998, is about US$32 million.<\/p>\n
The German Center in BSD will be the second of its kind in
\nAsia after Singapore.<\/p>\n
In Singapore, the German Center caters for around 130 German
\ncompanies. (aly)<\/p>",
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"sponsor": "Okusi Associates",
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