Dharmala to develop 14 towers

Dharmala to develop 14 towers

JAKARTA (JP): Publicly listed PT Dharmala Intiland plans to
invest around Rp 500 billion (US$205.76 million) to develop 14
apartment towers, called Kondonusa, on Mutiara beach in North
Jakarta, an executive said yesterday.

Dharmala Intiland President Hendro Santoso Gondokusumo said
the development of the apartments on the eight-hectare site would
take 10 years to complete.

"The initial development will cover only four apartment
towers," he said after the company's shareholders meeting
yesterday.

This is to start next month and is scheduled to be completed
in 1999.

Hendro said the projects would be funded partly by loans from
financial institutions but he declined to elaborate.

He said each tower in the first development would consist of
120 homes which would be offered at prices ranging from Rp 150
million to Rp 500 million, targeting middle and upper class
people in the Pluit area, North Jakarta.

"This is a big market to tap," Hendro said.

Yesterday's meeting approved the management's proposal to
distribute a total dividend of Rp 24.4 billion or 34.4 percent of
the company's 1996 net profit.

"It is equal to Rp 100 per share," he said.

Dharmala Intiland, which had total assets of Rp 1.16 trillion
as of December 1996, recorded total revenue of Rp 257.49 billion
and net profit of Rp 70.75 billion in 1996.

Hendro said the company's revenues were derived from housing,
apartments and office development, with 83 percent coming from
housing. (09)