Apartments boast high occupancy

Apartments boast high occupancy

JAKARTA (JP): Some apartment buildings still enjoy robust
business despite the current political and security conditions in
the capital, a property executive said on Monday.

Menteng Executive Apartments has an occupancy rate of between
95 percent and 100 percent, said Very Y. Setiady, the general
manager of PT Indofica Housing/Saranapratama Artamandiri, which
manages the building.

He told Antara that in the first two years after the apartment
building began operations in 1997, its occupancy rate was under
80 percent.

But at that time, the monthly rental for the smallest unit,
which is 90 square meters, was US$2,500, while the current rent
is $1,500 a month.

It is still better than when the country was deep into the
crisis as the rate was under $1,000 then, he said.

"We receive less dollars, but if you convert it to rupiah,
there has been an increase," he said.

Before the crisis first hit the country in 1997, the dollar
rate was Rp 2,500 but it later soared to more than Rp 15,000. The
current exchange rate is about Rp 11,300 to the dollar.

Very said that about 70 percent of the apartment units are for
rent, while the rest are privately owned by individuals. (01)