Fri, 12 Aug 1994

Executive property expo to be held here

JAKARTA (JP): Buoyed by optimism about local investment, four property companies and the Batam Development Authority will hold a property exhibition, called Executive 2000, from Aug. 20 to 28 in the atrium of Plaza Indonesia, Central Jakarta.

Peter Chan, vice president of Bonauli Group, said the local property market still looks promising.

Chan cited as an example the development of Bona City, a housing project built by the Bonauli Group in Cilegon, West Java.

"Cilegon is a safe investment place because of its high growth rate and its status as an industrial area."

Robert Couchman, the marketing agent for the Bonauli Group, said he is optimistic that the local properties can compete with foreign ones due to the favorable investment climate especially considering the over-heated economy in China and impressions of tight investment policies in Malaysia.

"Moreover, Indonesia's property prices are one-third of Singapore's and one-tenth of Hong Kong's," Couchman added.

The property companies, such as the Risjad-Brasali Group, currently building the Pangeran Jayakarta apartments, and Tering Bay Resort, which specializes in real estate development in Batam Island, hope to attract investors for their clubhouses, shop- houses, apartments, houses as well as members of golf clubs.

The exhibition, which will include properties in Jakarta, Bekasi and Batam Island, is distinctive because it targets not only the upper class.

Pieter Arifin, assistant manager for marketing and business development of PT Adicipta Griyasejati, the developer of the Duta Harapan housing complex in Bekasi, said the Rp 44 million-per- unit houses in the regency bordering eastern Jakarta, for example, are aimed at middle-class buyers.

The Batam Development Authority will participate in the exhibition to give information about developments in Batam Island, said Jonas Hutasoit, exhibition manager and the marketing manager of Tering Bay Resort.

Several banks will open stands at the exhibition to give information about housing credits at interest rates below 15 percent. (18)