City gets 15% in highway project

JAKARTA: Thanks to their initiative in fronting the idea to develop inner-city highways, city-owned developers PT Jakarta Propertindo and PT Pembangunan Jaya will obtain 15 percent shares in the ownership of the project worth Rp 23 trillion.

"We will get 15 percent of the shareholding in the project because we had the initiative," Jakarta Propertindo president IGKG Suena told The Jakarta Post on the sidelines of an Idul Fitri gathering at Governor Sutiyoso's official residence in Menteng, Central Jakarta, on Thursday.

Suena said his company would take part in the bidding for the project that would start soon.

The government has approved the development of 85.28 kilometers in road construction projects to overcome traffic congestion in the capital. The projects will be offered to potential investors later this year and construction is slated to start mid-2006.

The projects, which will cost Rp 270 billion a kilometer per road section, are expected to be completed by the end of 2008. --JP