Drasindo enters housing

JAKARTA (JP): PT Duta Cahaya Mas of the Drasindo Group will expand its property business by building two housing complexes in West Java with a total investment of Rp 550 billion (US$229.16 million).

The company's president, Haryo Baskoro, said yesterday that the two property projects were Arumdami Panorama Estate in Ciwuraga, Bandung, with an area of 42 hectares; and Arumdami Metro in Jatiasih, Bekasi, with an area of 100 hectares.

He said Panorama Estate would be constructed in three stages and would be completed in 2000 with an investment of Rp 250 billion.

In the first stage his company would invest about Rp 80 billion, of which 60 percent would be derived from a Bank International Indonesia loan and 40 percent from its own equity.

Haryo said that Arumdami Metro in Bekasi would be constructed in two stages and would be completed in 2000 with an investment of Rp 300 billion. "First, we'll build houses on a 50-hectare plot and target young couples," he said. (bnt)