PT Bakrie Development Tbk is planning to develop an integrated business district on 44.7 hectares of land in Kuningan, South Jakarta.
The company's president, Marudi Surachman, said in Jakarta on Wednesday that the development of the business district, to be called the Rasuna Epicentrum, would commence in July this year, and would cost some Rp 2 trillion (about US$210.5 million).
He said that the project would be developed in stages and would be completed within eight to 10 years, with the first projects to be built including an office tower and two apartment buildings, as well as the support infrastructure.
He said that most of the 50,000-square-meter office tower would be occupied by Bakrie Group businesses, leaving only 10,000 square meters to be sold commercially.
Marudi estimated that the office tower would cost some Rp 600 billion and the two apartment buildings about Rp 300 billion.
He explained that the company would finance the project with Rp 635 billion in fresh capital from the recent issuance of rights shares, and with the proceeds of apartment pre-sales, which would cover 20 percent of the total investment.
The business district would greatly expand the existing Kuningan business area, which includes the Taman Rasuna Apartments, Pasar Festival, Aston Rasuna Residences, Rasuna Office Park and Club Rasuna.
The Kuningan business area on Jl. HR Rasuna Said accounts for 23 percent of Jakarta's central business district, while Jl. Sudirman and Jl. MH Thamrin account for 61 percent, and Jl. Gatot Subroto 16 percent.
Last year, five large projects supplied some 112,000 square meters of new office space. Among the new office buildings opened in 2005 were Plaza Asia Sudirman on Jl. Sudirman, and Menara Nusa and Menara Kuningan on Jl. HR Rasuna Said.(06)
Find Article by Date