Ciputra to build luxurious apartment complex soon

JAKARTA (JP): PT CitraLand Liang Court, a joint venture between PT Ciputra Development, a national property company, and Liang Court, a Singapore property company, will start the construction of a posh apartment complex, CitraLand Regency Apartment, on June 24.

The company's president, Candra Ciputra, said yesterday that the ground breaking ceremony for the US$85 million apartment located on Jl. Dr. Satrio, Central Jakarta, will be attended by State Minister of Investment/Chairman of Investment Coordinating Board (BKPM) Sanyoto Sastrowardoyo.

According to Candra, the apartment will have two 24-story towers. The first tower will have 142 units while the second one will have 163 units.

Harun Hajadi, the company's marketing director, said that all units in the first tower are salable while those in the second tower are for rent only.

The towers' interior design is handled by Cadiz Design Group of Singapore with the assistance from the Indonesian design firm, Cipta Graha Hadiprana.

The construction of the first tower is expected to be completed in December of next year and the second one in March 1996.

He said the selling prices of the units range from $296,628 for a 120-square-meter standard apartment to $1.75 million for a 704-square-meter penthouse.

"Prospective buyers are required to pay Rp 5 million ($2,316) in booking fees and ten percent of the apartment price as a down payment," he said.

Harun estimated that the towers will be sold out before their completion because 44 units have already been sold.

Responding to a question concerning the building licenses, Piek Mulyadi, the company's director, said that the company has obtained all the required documents.

He also said that the presence of the apartment will not bring negative social changes to its surroundings since the project site was allocated for a superblock development during the governorship of Wiyogo Atmodarminto from 1987 to 1992.

Candra said that the 1.1-hectare apartment project is part of a 13.5-hectare superblock named CitraLand Golden Triangle, a complex which will consist of office towers, hotels, shopping centers and recreational spots. This complex is also owned by Ciputra Development.

The apartment is 51 percent owned by Ciputra Development and 49 percent by Liang Court Holdings of Singapore. (03)