City-owned firm builds modest apartments

City-owned firm builds modest apartments

JAKARTA (JP): Another middle class apartment building for
young married couples has been put on the market by PT
Saranawisesa Properindo, a joint venture between Wijayawisesa
Group and city-owned property company PD Sarana Jaya.

Tebet Park Residence is located in Tebet in South Jakarta and
consists of four towers, two of 26 floors and the others of 24
floors.

Director of the company Randolph S.Y. Bubu said he is
optimistic the apartments will be sold out soon because the
market target are young married couples with a combined income of
at least Rp 5 million per month (US$2,192).

He explained that although compared to other apartment
complexes the location is a little farther from the business
center districts, it is not the only thing desired by customers.

"They are also looking for privacy. They are more comfortable
with a smaller complex consisting of only 800 units," said
Randolph.

The sizes of the apartments range from 83 to 115 square-meters
and the price tag is Rp 2 million per square-meter. The
construction of the project is worth Rp 185 billion, of which 40
percent was financed by PD Sarana Jaya and the remaining 60
percent by Wijayawisesa Group.

Prospects in Indonesia's middle class apartment business are
projected to remain bright over the next two to three years due
to the rising number of wealthy young married couples with
monthly incomes of around Rp 5 million.

Earlier research of Colliers Jardine Indonesia has revealed
that over 40,000 wealthy couples are interested in buying
apartments located near their offices. (yns)