Kuningan new tower topped off
Kuningan new tower topped off
JAKARTA (JP): A new tower building in Kuningan, South Jakarta,
is set to be completed by the end of the year, the director of PT
Rajawali Adiwisma, Erwinaryo, said Friday after a topping-off
ceremony.
The new building, called Menara Rajawali, is located on Jl.
Prof. Dr. Satrio and will be the first office space available
along with Menara 2000 in Mega Kuningan, a complex inspired by
Singapore's Orchard Road, Erwinaryo said.
Situated in Jakarta's Golden Triangle, where the city's three
main streets -- Jl. Sudirman, Jl. Gatot Subroto and Jl. HR Rasuna
Said -- meet, the 27-story Menara Rajawali's total investment is
US$50 million, he said.
"We spent about US$10 million to buy the 6,163-square-meter
plot," he said, adding that land prices in Mega Kuningan were
considerably lower than for Jl. Sudirman. Kuningan offered good
prospects for the property industry, he said.
The 50,334-square-meter building is allocating 30,950 square
meters for office space, 40 percent of which will be titled for
Rajawali Adiwisima's mother company, Rajawali Corporation, and
its subsidiaries. Of the remaining 18,500 square meters of
available office, 20 percent has already been rented, he
explained.
Noting the oversupply of office space in Jakarta, the
company's property marketing manager Taufik Malik said there were
around 500,000 square meters of office space available in the
city now, or 10 percent more than the public demand.
The Center for Indonesia Property Studies chairman, Panangian
Simanungkalit, said supply could reach 234,000 square meters by
the end of the year.
Taufik said most buildings in Jakarta had only between 7
percent and 10 percent vacancy rate. He said the company expected
the same percentage would be enjoyed by Menara Rajawali, whose
monthly rental fees are set at $16 per square meter, excluding a
$7 service charge for each square meter.
Panangian said current office-space rent is between $14.50 per
square meter and $15.50 for new grade A premises in central
business districts.
The tower has been constructed by South Korean Samsung
Corporation and Indonesian PT Duta Graha Indah.
The building is designed by Timothy Seow Group of Singapore
and Indonesian Team 4. (10)