Another $500m for Senayan expansion

Another $500m for Senayan expansion

JAKARTA (JP): PT Senayan Trikarya Sempana, a subsidiary of
Japan's leading construction company Kajima Overseas Asia Pte
Ltd, plans to invest another US$500 million into the expansion of
its shopping, office and apartment complex in Senayan, Central
Jakarta, the company said yesterday.

Senayan Trikarya president Masao Hashimoto said the plan, if
realized, would bring the company's investment for the complex --
named Senayan Square by the company -- to $800 million.

The company had spent $300 million to build two department
stores, two apartment towers, and one office tower in the
complex, Hashimoto said.

He said the $800 million expansion plan would include the
development of two other office buildings, two other apartment
towers and one luxury hotel.

But the company has not yet made any fixed schedule as to when
construction will start.

"We have to see the market demand first before we start
realizing the expansion plan," Hashimoto said at a ceremony to
hand over Senayan Square's second department store to PT Indo
Hanshin International.

PT Senayan Trikarya is 70 percent owned by Kajima, 20 percent
by Aditya Wirabakti and 10 percent by the Senayan Sports Complex
Management Body.

Aditya is partly owned by conglomerate Hashim Djojohadikusumo,
while the Senayan Sports Complex Management Body -- the owner of
the land -- is a state agency overseen by the state secretary
office.

The 70,000-square-meter tract of land, located adjacent to the
Senayan sports complex, was formerly used for athletic
dormitories.

"The location of Senayan Square is quite unique. It is in the
center of the city, literally in the center of the center, yet
retains the atmosphere of a community all its own," said
Hashimoto.

The first building to be erected at the complex by the joint
venture will be a Metro department store.

Hashimoto said the company had completed the construction of
the complex's second department store on 26,000 square meters,
which would be operated by Indo Hanshin starting within the first
six months of next year.

Indo Hanshin is 54.5 percent owned by publicly listed company
Great River International, 40 percent by publicly listed company
Indomulti Inti Industri and 5.5 percent by individual
shareholders.

Indo Hanshin president Asoka Mahendra said the company
operated the store with technical assistance from Japan's Hanshin
Department Store Ltd.

Asoka billed the six-floor department store as the country's
largest shopping center, which would feature a so-called
"worldwide restaurant" on the fifth floor with an array of
restaurants providing European, Singaporean, Japanese, Thai and
Korean food.

Hashimoto said that Senayan Trikarya had completed the
construction of a 19-floor office building on 30,400 square
meters of land.

"The office tower, which is named Sentral Senayan I, will have
a soft opening on Oct. 15," Hashimoto said.

Hashimoto said Senayan Trikarya was also about to complete the
construction of two apartment towers at the complex -- called
Apartemen Plaza Senayan -- which would have 204 apartments in
all.

The apartments, scheduled to open in March and April, will be
furnished with a 25-meter swimming pool, two tennis courts, a
business center, a gymnasium and other amenities. (jsk)