Graha Iskandarsyah to be built

Graha Iskandarsyah to be built

JAKARTA (JP): Three state-owned companies, PT Istaka Karya, PT Jasa Marga and PT Waskita Karya, will jointly construct and manage an office building on Jl. Iskandarsyah, Blok M, South Jakarta.

The three companies have set up a new company, PT Ismawa Trimitra, for the project.

The two-story building is expected to cost Rp 25 billion (around US$12.5 million).

Istaka Karya's managing director, Subagio, said yesterday his company invested half of the total project cost, while the other two companies have 25 percent shares each.

The building, called Graha Iskandarsyah, will stand on a 3,000-square-meter plot of land, and is said to have good prospects. "The Blok M area is lucrative for business," Subagio said.

He added that a total of Rp 12.5 billion is available for the project, while the rest will be obtained through bank loans.

Subagio did not say when the project will start, but estimated that the project will be completed in 16 months. (sur)