Bhuwanatala to build office building in S'pore

JAKARTA (JP): PT Bhuwanatala Indah Permai, a property company which operates two shopping centers in Bandung, will establish an office building in Singapore and a five-star hotel in the West Java capital, the firm's president Heru C. Pramono said yesterday.

"The seven-story office building on Beach Road at the Bugis junction in Singapore will cost S$72 million (US$$50.6 million)," Heru said, adding that it is scheduled to be ready in mid-1997.

He said Bhuwanatala Indah Permai owns 70 percent of the office building project and the other 30 percent is owned by a local partner, Leisurebilt Pte. Ltd.

"Our company plans to invest Rp 90 billion ($39.4 million) in the hotel project in Bandung," said Heru.

He added that Hyatt International will operate the 256-room hotel which is now under construction on Jl. Aceh in the Bandung downtown area.

The Hyatt Pakunegara hotel project is wholly owned by Bhuwanatala Indah Permai and is expected to be opened in Jan. 1997.

The shopping centers owned and operated by Bhuwanatala Indah Permai are the Bandung Indah Plaza 1, located on Jl. Merdeka, and the Bandung Indah Plaza 2 on Jl. Sumatra.

Bhuwanatala Indah Permai yesterday listed 40 million shares on the Jakarta Stock Exchange. The shares, which were previously traded in the over the counter market, closed with a price of Rp 1,300, up from Rp 875 in the over the counter market.

Bhuwanatala Indah Permai was established in December 1981 as a joint venture company between the West Java administration and private parties. Former governor of Jakarta Wiyogo Atmodarminto is chief commissioner of the company. (kod)