Lippo sells out 400 deluxe houses

Lippo sells out 400 deluxe houses

JAKARTA (JP): Lippo Group sold out its planned 400 deluxe
houses in Cikarang, 40 kilometers east of here, at a sales
promotion Saturday.

Lippo collected Rp 60 billion in just half a day from buyers,
who had been queuing for two days at the Lippo Center in South
Jakarta.

The developer was offering houses at between Rp 70 million and
Rp 350 million (US$ 157,300). The plots range from 120 square
meters to 465 sq. meters.

Lippo Group started building 5,000 houses in Cikarang in 1992.
Many are ready to be lived in. The housing project is part of a
plan to develop the new Lippo Cikarang township, which will cover
4,000 hectares of land. The planned 400 houses sold Saturday are
additional to the houses now under construction.

The company expects to make between Rp 250 billion and Rp 300
billion from housing this year, a Lippo executive said.

Saturday's sales promotion contradicted many developers'
complaints about a slump in the property business.

James T. Riady, deputy chairman of Lippo Group, said that
urban development concept was the key.

"Property business which is based on the urban development
concept will be a success," James told reporters.

The Lippo Cikarang township will have schools, shopping
centers, hotels, condominiums, markets and other facilities
required by residents. This development package is what Lippo
calls the urban development concept.

The government has called for balanced development in Jakarta
and other areas. This has encouraged developers to extend their
businesses to areas bordering Jakarta: Tangerang, Bekasi and
Bogor. Qualified developers have also established businesses in
the eastern part of Indonesia. (03)