City gets 15% in highway project

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