Setiabudi to get posh new condo<\/p>\n
JAKARTA (JP): Despite the sluggish demand for apartment units
\nhere, a local property developer and its two Japanese partners
\nplan to construct a luxurious condominium complex of four towers
\nwith 35 floors each in the Setiabudi area of Central Jakarta.<\/p>\n
The project has a total investment of US$160 million, and
\nconstruction of the first two towers will start in August this
\nyear, David Salim, managing director of PT Dewata Wibawa, said
\nyesterday.<\/p>\n
A private study conducted recently revealed that the public
\ndemand for apartment units is dwindling due to an oversupply in
\nthe market.<\/p>\n
Tyler E. Goodwin, Dewata's marketing director, said, \"Our
\nproject is designed to meet the increasing demand of the upper-
\nclass market whose supply is staying constant.\"<\/p>\n
PT Dewata Wibawa, a newcomer in the property business, has a
\n55 percent stake, Nissho Iwai Corporation 25 percent and Toyo
\nReal Estate Co. Ltd holds 20 percent.<\/p>\n
The apartment will be built on a 2.4-hectare plot across from
\nthe Regent Hotel in Jakarta's Golden Triangle area near the
\ncity's main thoroughfares of Jl. Sudirman and Jl. Rasuna Said.<\/p>\n
\"We will only use 18 percent of the land as the footprint of
\nthe buildings, while the remaining area will be used for other
\nfacilities such as landscaped gardens, sports facilities and
\nstreets,\" said David.<\/p>\n
The first phase will complete 234 units in two towers in 1998.<\/p>\n
The developer will announce more details of the project,
\nincluding the price, the name of the project, the date of the
\nlaunching and the management on March 14.<\/p>\n
\"The price per unit, to be sold based on the strata title
\nsystem, will be almost the same as the high-class apartment units
\ncurrently offered in the Golden Triangle area here,\" David said.<\/p>\n
The firm managing the project might be a five-star hotel group
\nfrom overseas, he said.<\/p>\n
He added that the apartment will consist of 570 varying units
\nwith widths stretching from 200 square meters to 962 square
\nmeters. (bsr)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/setiabudi-to-get-posh-new-condo-1447893297",
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"sponsor_url": "https:\/\/okusiassociates.com"
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