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)