Metrorealty builds second tower in Kuningan

JAKARTA (JP): PT Pacific Metrorealty, a private sector company piloted by local tycoon Sudwikatmono, will launch the sale of its second tower in the golden triangle business area of Kuningan in South Jakarta tomorrow evening.

Adjacent to the first tower, the Menara Imperium, the 50-story Graha Kuningan has a total of 247,000 square meters of space which will be offered for office use under the strata title system at US$2,500 per square meter.

"We think the offering price is reasonable in light of the fine quality of this building," Sudwikatmono explained to reporters over the weekend.

The businessman said that the construction of the Rp 400 billion (US$171.15 million) Graha Kuningan on a 1.5 hectare land plot has just began and is scheduled to be completed in 1999.

The two projects are located on the same plot on Jl. HR Rasuna Said Kav. 1, Kuningan, South Jakarta.

The first project, Menara Imperium, which has just been completed, has 35 stories and is built on a one-hectare section of land. The construction cost around Rp 250 billion.

"When the construction was just 75 percent completed, all of the spaces were already sold out," said Sudwikatmono.

Among the facilities offered at Menara Imperium are a rotating restaurant, a fitness center, a music club and a discotheque. Its parking lot can accommodate 800 vehicles.

Sudwikatmono said the facilities at Graha Kuningan are expected to be much more attractive than those offered by the first project.

"The new one will have, for instance, a mini-market, a barber shop and a telecommunications center," Sudwikatmono said.

The tycoon said that the two projects, managed by PT Jakarta Land, would go public one day.

"Should everything go well and we could meet all the requirements, shares in these two projects will soon be offered to the public," he said. (bsr)