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)