Wed, 10 Aug 1994

Bakrie signs deal for Taman Rasuna project

JAKARTA (JP): PT Catur Swasakti Utama (PT CSU), a subsidiary of the widely diversified Bakrie Group, has finalized a Rp 500 billion (US$230 million) deal for the immediate construction of 17 tower blocks of the Taman Rasuna Apartments in Kuningan, South Jakarta.

PT CSU signed a contract with three developers, including the French developer Dragages et Travauxs Public (DTP), at a ceremony on Monday.

The development of Taman Rasuna apartments, which will have over 3,800 units, will begin before the end of the month.

"The construction work will begin two weeks after the signing of the contract and we expect the development of the first tower to be completed by August 1996," said Hamizar Hamid, the president of PT CSU.

The price range for the new apartments is expected to range from Rp 190 million for a one bedroom apartment to Rp 320 million for a three bedroom apartment.

Located on an 11 hectare area surrounding the Kuningan sports complex, the mammoth apartment project will be divided into two parts-- north with five towers comprised of 1,224 apartments and south with 12 towers comprised of 2,619 apartments.

The towers in the north will be built by the country's biggest contractor, PT Pembangunan Perumahan, and PT Wijaya Karya, while the towers in the south will be built by French company Dragages et Travauxs Public.

Established in 1953, Dragages et Travauxs Public is currently one of the world's leading construction companies. It has been involved in several large projects in Asia, including in Indonesia with it's participation in the development of the Soekarno-Hatta airport.

DTP's director, Michel Betant, said that his company is also interested in various other areas such as television and electricity. (mds)