Ciputra Group, HK hotel chain to build property complex
JAKARTA (JP): Hong Kong & Shanghai Hotels (HSH) Ltd. has signed an agreement with the Ciputra Group, one of Indonesia's leading property developers, to establish a mixed-use property complex which will include a five-star Peninsula hotel.
"The two parties signed the agreement in June to set up PT Citraland Adigraha, which will set up the project on a 5.4- hectare site on Jl. Satrio in the Kuningan area in South Jakarta," said Kate Kelly, an HSH spokeswoman.
She said yesterday that the project, 20 percent owned by HSH of Hong Kong and 80 percent by the Ciputra Group, will be comprised of a five-star, 400-room hotel, a 100-square meter shopping mall and a 700-room, four-star hotel.
The 400-room hotel will be managed by Peninsula, the operating and marketing arm of HSH, she said.
A source at Citraland Adigraha, who asked to remain anonymous, told The Jakarta Post that the ground-breaking for the mixed-use complex will be held early next year. Its construction is scheduled to be completed by 1999.
He said that the planned four-star hotel and the mall will be managed by Ciputra Group, which already runs Citraland Hotel, a four-star hotel in Grogol, West Jakarta.
The Ciputra Group is also involved in the construction of twin residential towers on a site adjacent to the proposed complex.
HSH, which is listed on the Hong Kong Stock Exchange, has core businesses in the management of luxury hotels and prestigious commercial and residential properties.
According to Kelly, the company owns and manages the 735-room Kowloon Hotel and the 300-room Peninsula Hotel in Hong Kong and the 242-room Peninsula New York in the United States.
"We also manage and participate in the ownerships of three other hotels, the Peninsula Beverly Hills in the United Sates, the Peninsula Manila in the Philippines and the Peninsula Beijing in China," she said.
She said Peninsula also plans to open another luxury hotel in Bangkok, Thailand, in 1997.
"We are also considering expanding our business into Malaysia, Singapore, Vietnam and Japan with long-term possibilities to include Myanmar, Cambodia and Laos," she said. (icn)