Econ buys land in Jakarta

Econ buys land in Jakarta

SINGAPORE (Reuter): Econ International Ltd said on Wednesday it had agreed to buy a plot of land in Jakarta from PT Unilever Indonesia for S$44 million.

It intends to develop a retail, office and apartment complex on the 58,650-square-metre property, subject to approvals.

Econ has made a S$8.8-million downpayment and expects to pay the balance by July 1997. The property has a 20-year leasehold title expiring in November 2000. Econ said it intends to apply for a 30-year extension at the appropriate time.

It said it would finance the deal through internal resources and bank borrowings.