PT Ciputra is developing luxury housing in Cibubur<\/p>\n
JAKARTA (JP): Publicly listed property firm PT Ciputra
\nDevelopment is developing a 300-hectare luxury housing complex in
\nCibubur, East Jakarta.<\/p>\n
Ciputra Development's director Harun Hajadi said yesterday
\nthat the housing complex, called Citragran, would be developed in
\nstages within eight years.<\/p>\n
He said the first stage, on 45 hectares, started a week ago
\nand was due to be completed in 12 months.<\/p>\n
"We will build 238 high class houses in the first stage," he
\ntold The Jakarta Post yesterday.<\/p>\n
He said total investment for the first stage was about Rp 300
\nbillion (US$125 million) including Rp 180 billion to establish
\ninfrastructure such as electricity, telecommunications, water
\ntreatment, roads, public parks, lake and other public facilities.<\/p>\n
Harun said the first stage development of Citragran was
\nfinanced by the company's equity and bank loans including one
\nfrom Bank Dagang Nasional Indonesia (BDNI) worth Rp 30 billion.<\/p>\n
He said houses in Citragran would be sold for between Rp 250
\nmillion and Rp 1 billion.<\/p>\n
He said that expatriates were expected to be the main buyers
\nof the houses.<\/p>\n
"We want to make Citragran an international community," he
\nsaid.<\/p>\n
Harun said that the next stage would cover apartments, a
\nshopping complex, shopping street, kiosks and cafes.<\/p>\n
But he declined to disclose the total investment.<\/p>\n
Ciputra Development is a property developer with a good
\nreputation. It is chaired by property tycoon Ciputra.<\/p>\n
In May this year, Ciputra Development, through its subsidiary
\nPT Ciputra Surya, announced a plan to develop a CitraHarmoni
\nhousing project in Sidoardjo, Surabaya with a total investment of
\naround Rp 2 trillion (US$833.33 million) over 10 years.<\/p>\n
The CitraHarmoni housing project occupies between 800 hectares
\nand 1,000 hectares and will cater for the growing number of
\nemployees in the industrial estates in Sidoardjo.<\/p>\n
Sidoardjo, about two kilometers from Surabaya, is an important
\nEast Java industrial town.<\/p>\n
Harun said CitraHarmoni would be developed in 10 stages.<\/p>\n
The first will begin in December 1997 with a total investment
\nof around Rp 200 billion.<\/p>\n
He said that in the first stage about 1,200 medium houses
\nwould be built at a cost of between Rp 12 million and Rp 90
\nmillion.<\/p>\n
Harun said that PT Ciputra Surya, the Kota Mandiri CitraRaya
\nhousing developer -- also in Surabaya --, has several property
\nprojects outside East Java such as the Ciputra Mall and Hotel in
\nSemarang, Central Java, CitraRaya in Tangerang, West Java,
\nCitraIndah in Cibubur, East Jakarta and Ciputra City in Jalan
\nSatrio in South Jakarta's golden triangle. (09)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/pt-ciputra-is-developing-luxury-housing-in-cibubur-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}