Duta Pertiwi's new condo

Duta Pertiwi's new condo

JAKARTA (JP): Duta Pertiwi, a publicly-listed property company, will invest US$60 million in a new condominium and shopping center on Jl. Fatmawati, South Jakarta, this year.

The company's financial director, Anisa Himawan, said Tuesday evening that construction of the planned condominium and shopping facilities would start later this year.

She said that around 50 percent of the Fatmawati project would be financed by loans and the remaining 50 percent with company equity.

"We hope this project will follow the success of the just opened shopping complex in Cempaka Putih, Central Jakarta," she said at a breaking of the fast gathering.

Duta Pertiwi, a member of the diversified Sinar Mas Group, owns and operates a number of residential complexes, apartments and shopping facilities.

The company reported a 10 percent increase in its unaudited net profits to Rp 90 billion ($39 million) last year from Rp 84.86 billion in 1994. The company's net sales rose by 30 percent from Rp 308.47 billion to Rp 400 billion last year, 30 percent of which came from the sales of residential housings.

Anisa said that the net profits were projected to increase by around 10 percent in 1996.

The sales of housing facilities and shopping facilities are expected to remain strong this year despite the central bank's plan to slow credit expansion for the property sector.

"I think the credit crunch will only affect the sales of luxury condominiums," she said. (hen)