French housing developer optimistic on local potential

French housing developer optimistic on local potential

The Jakarta Post, Jakarta

Premier Indonesia, a subsidiary of the French-based Les
Nouveaux Constructeurs, has completed the development of a block
of homes at its Central Park luxury housing estate in Cibubur.

The housing complex is located in the Kota Wisata housing
complex.

Ronan Arzel, former general manager of Premier Indonesia, said
in a press conference on Thursday that the firm had completed the
construction of 20 housing units, which it would hand over to
buyers on Sunday.

The company invested about Rp 100 billion (US$11.7 million) in
the project, which will have a total of 92 units.

Built on a 4.6-hectare lot, the Central Park project is
expected to be entirely completed by early 2005. Houses are being
sold for between Rp 1.2 billion and Rp 2 billion.

Most buyers come from Bandung and Bogor both in West Java,
Bandar Lampung in Lampung and Solo in Central Java, he said.

Arzel said Premier was still offering houses in the complex
for interested buyers.

The firm is one of the few foreign investors engaged in the
country's housing sector, which is dominated by local investors.

Arzel said he was optimistic that the houses they planned to
build in Central Park would sell well amid the decreasing housing
loan rates. The declining bank saving rates will also encourage
people to withdraw their savings from banks and invest in other
sectors, including property.

He said Premier believed there were many business
opportunities in other parts of country, but it had thus far
decided to focus on greater Jakarta.