Mon, 26 Jul 2010

From: JakChat

By Om Pong
...and on and on and on....

Mon, 26 Jul 2010

From: JakChat

By KuKuKaChu
From Jakarta Globe

Lombok Resort Still on Track: Emaar

Jakarta. Dubai-based property developer Emaar Properties has again been forced to deny it has pulled out of a $600 million resort project on the island of Lombok, which has been idle for years.

The property developer said it had “responded on time and with total commitment to the proposals of [joint developer] the Bali Tourism Development Corporation for the project.”

The statement came in response to comments from the Indonesian government, published by the local media last week, which said that officials were to retender the project after Emaar pulled out.

Emaar said it had provided recommendations on how it intended to proceed with the development, adding: “Emaar has strong financial fundamentals and will undertake all strategic projects across its key markets.” Emaar did not disclose the current status of the project.

Last week, the head of the Indonesian Investment Coordinating Board, Gita Wirjawan, said potential investors from Abu Dhabi, Qatar, the United Arab Emirates and India had expressed interest and could be ready to replace Emaar.

This is not the first time that Emaar has denied pulling out of the project.

In March, the Jakarta Globe reported that Emaar said it was still planning to proceed and was awaiting a response from an expression of interest it had submitted to the Bali tourism authority.

The comment in March was made after the Indonesian ambassador to the United Arab Emirates, Mohammad Supriyadi, said that Emaar had abandoned the project.

Wed, 03 Mar 2010

The nation’s Investment Coordinating Board confirmed to journalists on Tuesday that tender results for the long-delayed $600 million resort project in Lombok would be released in May.

“We now have a total candidate of five candidates, and Emaar [Properties] is still one of them,” Gita Wirjawan, chairman of the investment authority also known as the BKPM, said after returning from a trip to cultivate potential partners in Dubai, Doha and India. “Construction for the project is due to start in the second half of this year.”

Unveiled in May 2007, the Lombok project envisioned a 1,200-hectare resort that would transform south Lombok’s beachfront into a world-class attraction to be run by Emaar and the Bali Tourism Development Corp. However, the government has been seeking new investors after years-long negotiations with Emaar failed because the Dubai-based developer missed a deadline at the end of 2009 to commit. JG