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)