Ex-Australian Embassy becomes shopping center

JAKARTA (JP): Publicly-listed PT Plaza Indonesia Realty will invest US$225 million in a shopping center expansion project, to include an apartment and office building at the site of the former Australian Embassy.

"The project, located at the former site of the Australian Embassy on Jl. M.H. Thamrin and adjacent to the existing Plaza Indonesia shopping center, will start construction later this year and will be completed by 1999," the company's public relations manager, Sylvia Ratulangi, said yesterday.

She said that the project will consist of the construction of a 47-story apartment building, a 50-floor office building and a new shopping center, Plaza Indonesia II.

She said that the project will be financed from the company's equity and from overseas loans.

"Plaza Indonesia II shopping center will have a gross area of 35,000 square meters. The apartment building will have an area of 46,000 square meters; the office building, 61,000 square meters; and parking area, 55,000 square meters," Sylvia told The Jakarta Post.

She said the existing Plaza Indonesia shopping center has a 62,747 square meter area, while the Grand Hyatt hotel -- which occupies part of Plaza Indonesia -- has a gross area of 67,400 square meters.

She acknowledged that the occupancy rate of the Plaza Indonesia shopping center, which began operations in 1990, was 97.8 percent in 1991, increasing to 98.6 percent in 1992. In 1993, it reached 99.1 percent, slightly increasing to 99.2 percent in 1994.

However, she said, the occupancy rates declined to 96.3 percent in 1995 due to renovation of some of the shops.

She added that currently, parts of the shopping center are being renovated by Shimitzu-Dextam of Japan and will be completed in November. (kod)