Apartment complex project starts

JAKARTA (JP): Publicly listed property company PT Putra Surya Perkasa started the construction of its Menara Gading condominium complex yesterday.

State Minister of Public Housing Akbar Tanjung officiated at the groundbreaking ceremony.

The developer's director, Trijono Gondokusuma, said the total investment of the seven towers in Kelapa Gading, North Jakarta, will be Rp 175.5 billion (US$74.46 million).

"The condominium complex will have seven 26-story towers. By May 1998, we will deliver 617 apartments of the three towers already sold last May," he said.

"The apartments in the complex are targeted at young professionals earning Rp 3 million to Rp 5 million a month," he said.

Apartments from 59 to 93 square meters are priced from Rp 100 million to Rp 175 million each.

The July 1996 report of international property consultant Jones Lang Wootton, in cooperation with PT Procon Indah, reported that most buyers were Kelapa Gading residents who were most likely speculators. (26)