Duta Anggada to invest $400m in new projects

JAKARTA (JP): Publicly listed PT Duta Anggada Realty plans to invest $400 million (Rp 961 billion) in new property projects in the next four years.

"The new investment projects will develop multi-function properties," Duta Anggada's president Hartadi Angkosubroto said after the company's shareholders meeting yesterday.

He said Duta Anggada would build a complex of multi-function properties, to be called Glodok Galeria, in downtown Jakarta with a total investment of about US$90 million.

"Glodok Galeria will have a four-star hotel with 200 rooms, serviced apartments and a shopping center," he said.

He said the hotel, to be managed by Marriot International, would occupy 15 hectares, the serviced apartments seven hectares and shopping center 1.5 hectares.

"It is expected to be completed in 1999," he said.

Hartadi said the company was also constructing another multi- function property, Plaza Galeria, in Setia Budi, South Jakarta.

He said Plaza Galeria would house a five-star hotel with 430 rooms, and serviced apartments. It will be built with a total investment of US$250 million.

"Plaza Galeria is expected to be completed in 2000," he said.

Hartadi said Duta Anggada projected a 66 percent increase in net profit to Rp 55 billion in 1997 from Rp 33 billion in 1996.

Yesterday's meeting also approved the company's plan to split its stock by halving its par value from Rp 1,000 to Rp 500 per share.

"The split is to increase the liquidity of the stock," he said.

Hartadi said the split would increase the company's shares to 550 million from 275 million.

Duta Anggada Realty, established in 1983, operates in construction, office buildings, shopping centers and housing developments. (09)