Econ to invest in Jakarta

Econ to invest in Jakarta

SINGAPORE (Reuter): Econ International Ltd, which was taken over last year by Indonesia's Yenville Pte Ltd, plans to invest at least US255 million to develop a mixed commercial project in Jakarta, the Straits Times said yesterday.

Yenville is led by Indonesia's Pribadi family, it said. It said the investment includes around $31.21 million spent by the company last year to acquire a 5.8 hectare site in Jakarta.

Work will take place in stages to lessen the burden of financing the project, the newspaper said. Phase one of the project, at a cost of about $60 million, including land cost, will begin in the third quarter of next year. It will consist of about 230 units of three and four-story shophouses, and a retail shopping center with gross floor area of 50,000 sq meters.

Subsequent phases could include a 300-room hotel, 50,000 sq meters of office space and 600 apartments, the newspaper said.