Citra Regency finishes construction

Citra Regency finishes construction

JAKARTA (JP): The developer of Citra Regency Apartment
announced yesterday that construction of the physical structure
of the two 24-story buildings, on Jl. Satrio in Kuningan, South
Jakarta, is finished.

The completion of the physical structure was celebrated at a
topping-off ceremony, attended by executives from the project's
owners, including Candra Ciputra, and president of PT CitraLand
Liang Court.

PT CitraLand Liang Court is a joint venture, 49 percent owned
by Ciputra Group and 51 percent by Liang Court Holdings Ltd. of
Singapore.

Candra told reporters at the ceremony that the two apartment
buildings were put-up in 16 months with an investment of about
US$85 million.

He said the two buildings sit on a 1.2-hectare plot of land,
have 163 rental units as well as 142 condominium units for sale,
which go for between US$296,628 an US$1.75 million.

He said that despite the sagging property market, 64 percent
of Citra Regency condominiums have been sold.

The reason behind the success, according to Candra, is because
"quality products with specific target markets are still in
demand".

A marketing manager said that five percent of the buyers are
expatriates, who buy the facilities through their Indonesian
joint venture partners.

The government bans foreigners from owning property in the
country.

Candra said that the project, designed by the Cadiz Design
Group of Singapore with interior designs executed by local firm
Graha Cipta Hadiprana, is expected to be complete by the end of
this year and be in operation by next year.

The apartments and condominiums are part of a 5.4-hectare
superblock complex, comprising a department store, hotel and
office buildings.

The apartment buildings have a swimming pool, health club,
coffee shop, and tennis and squash courts, he pitched. (32)