Four Seasons' condos get good response

JAKARTA (JP): The Four Season Regent Residences expects a big profit because it has sold most of its rooms in several months.

The company's marketing director, Tyler E. Goodwin, said Four Seasons had sold 90 percent of the rooms in two of its planned four towers which are still being built.

The company has earned US$120 million from the selling condominiums in two of its towers, compared to a total of $190 million from the four towers.

"The public response is amazing. The sales are really beyond our expectations," Goodwin said.

Four Seasons plans to build four 35-floor towers in the elite area between Jl. Sudirman and Rasuna Said in Setia Budi district.

The building of the first two towers started last November and are scheduled to be completed in October next year. The other two towers will be built by the end of this year.

Goodwin said the two towers had 234 units, with prices ranging from $500,000 and $3.5 million a unit.

Each tower has 12 penthouses which will cost $1.2 million each and two grand penthouses which will cost $3.5 million.

"Grand penthouses are selling well. The buyers are Indonesians and some Singaporeans," he said.

The apartments' prices are four times cheaper than equivalent prices in Singapore, Tyler said.

Tyler said about 40 percent of the buyers bought for long-term investment. The rest were young couples with small children, and parents who want apartments rather than big landed houses after their children have grown up.

Four Seasons apartments is owned by PT Dewata Wibawa and two Japanese companies, Nissho Iwai Corporation and Toyo Real Estate Co. Ltd.

The condominium's management is entrusted to the Four Seasons Regent Hotels International hotel chain, which operates a hotel next to the condominiums. (jsk)