Danamon, Setdco plan Kuningan superblock

Danamon, Setdco plan Kuningan superblock

JAKARTA (JP): PT Bentala Sanggrahan of the Danamon Group and
PT Setdco Graha Mandura of the Setdco Group have set up a joint
venture to build an 8.4-hectare superblock in Kuningan, Central
Jakarta, with a total investment of US$250 million.

Budi Mardianto, a director of the joint venture company, PT
Bentala Mahaya, said the newly established firm would be 60
percent owned by the Danamon Group and 40 percent by the Setdco
Group.

He said that the superblock, which would consist of a shopping
center, hotel, office buildings, and apartments, would be
constructed in two stages.

"First we'll build a 21-floor hotel, a 5-story shopping
center, and a 4-level basement on a 5.5-hectare site. For the
second stage, we'll construct a 34-floor office building and two
32-floor apartment towers on a 2.9-hectare plot," he said.

"The first stage will be completed in the middle of next
year," he said, as reported by the daily Bisnis Indonesia,
yesterday. He did not elaborate on when the second stage would be
completed.

Budi said that the hotel would be run in cooperation with
Okura Hotels of Japan.

The 8.4-ha superblock will be part of the 100-ha international
shopping and tourism belt, to be built by a number of developers
along the 1.8-kilometer Jl. Dr. Satrio, Kuningan, Central
Jakarta.

The other developers, including the Ciputra Group, PT Duta
Pertiwi of Sinar Mas Group, PT Hatmoadji dan Kawan (Haka), Jan
Darmadi Group, and PT Abadi Guna Papan, are building shopping
centers, office buildings, apartments and hotels along the road,
which is part of the city's golden triangle. (bnt)