Bakrie signs deal for Taman Rasuna project

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)