Summarecon to build new high-rise building<\/p>\n
JAKARTA (JP): A business and entertainment center will
\nhighlight Kelapa Gading Permai's 20-hectare town center,
\nscheduled for completion by 1999.<\/p>\n
The six-story building, the Sentral Promenad, will soon be
\ndeveloped by PT Sentral Summarecon Sukses, a joint venture of the
\nSummarecon Group and businessman Sudwikatmono.<\/p>\n
Sudwikatmono and senior executive of the Summarecon Group,
\nSoetjipto Nagaria, signed yesterday an agreement on the
\nestablishment of the new joint venture.<\/p>\n
The Sentral Promenad, the second stage of the satellite
\ncenter's town center, will consist of street-stall food vendors,
\nrestaurants, entertainment centers, an ice skating rink,
\nexhibition hall and retail space.<\/p>\n
Sentral Summarecon, the ongoing first stage of the town
\ncenter, features a shopping mall, mosque, food center and
\nmarketplace.<\/p>\n
Soetjipto, the president of Sentral Summarecon Sukses, said on
\nWednesday that more than US$600 million would be spent for the
\ndevelopment of Sentral Summarecon, of which $100 million would be
\nearmarked to build Sentral Promenad.<\/p>\n
He said Sentral Summarecon would be completed in the next five
\nto six years.<\/p>\n
Construction on Sentral Promenad is scheduled to begin at the
\nend of this year or beginning of next year, with a completion
\ntimetable of one year.<\/p>\n
"Of course, these developments will also depend on the
\ncountry's economic situation, which is why we will do it in
\nseveral stages," he said.<\/p>\n
He said the next stage of the town center's development would
\nconsist of an apartment building, hotel and business district,
\nbut did not disclose when it would begin.<\/p>\n
Sudwikatmono, a close relative of President Soeharto, said he
\nhad a 10 percent stake in the Sentral Promenad project.<\/p>\n
He said he would seek offshore loans for the project following
\nthe recent decision of Bank Indonesia, the central bank, to ban
\nnew loans for land acquisition and development.<\/p>\n
"The lenders will most likely be a syndication of banks. We
\nwill look for ones with low interest rates," he said. He refused
\nto discuss possible participating banks.<\/p>\n
BI issued a decree last week banning new loans for land
\nacquisition and development by property companies. The ruling,
\nwhich exempts cheap housing projects, is believed to be an effort
\nto control the rapid rise in lending to the property sector.<\/p>\n
Sudwikatmono acknowledged the Sentral Promenad project had not
\nreceived the development permit from the Jakarta administration.<\/p>\n
He was confident a permit would soon be issued because the
\nproject's site plan confirmed it did not overlap with public
\nspace and areas designated for other purposes.<\/p>\n
PT Summarecon Agung has developed Kelapa Gading Permai for the
\npast 20 years. It covers 500 hectares and now includes 17,000
\nhouses, shop-houses and office-houses. The complex also has 70
\nbranches of various banks, six local schools, two international
\nschools and hundreds of restaurants. (pwn)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/summarecon-to-build-new-high-rise-building-1447893297",
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