Luxury condo to be built in Ancol

JAKARTA (JP): PT City Island Utama, a member of the Singapore- based City Developments Limited (CDL) Group, awarded yesterday a US$51.3 million contract to a leading South Korean company to build the Oseania Resort Condominium in Ancol, North Jakarta.

CDL president Chia Niang Hong and Jun Sun-koo from the South Korean firm, SsangYong Engineering & Construction, signed the contract at a ceremony at the Hotel Millennium Sirih, Central Jakarta.

The project to cover 22,697 square meters is scheduled to be completed by early 1999. It will consist of three towers with 398 units.

The prime waterfront resort condominium, the first of its kind in North Jakarta, is CDL's first venture into Indonesia's residential property market, Chia said.

The project will be adjacent to the Ancol Marina and the Tamain Impian Jaya Ancol park.

Chia said the development, along Jakarta Bay, will offer residents a resort lifestyle with convenient access to places like the airport, harbor, business centers and international schools nearby.

Arranged in an arc, the three towers will overlook a landscaped open square encircled by scenic views of the Java Sea, the Ancol Marina, a golf course and clubhouse. (bas)