MOU signed for $204m project

JAKARTA (JP): The Boewana Waluya Foundation and the Euro Consortium of Property Business, Nedindo, have signed a memorandum of understanding for the establishment of a US$204 million property project.

H. Soeratno, head of the foundation, told The Jakarta Post yesterday that the project will consist of a general hospital, four condominium towers, apartments and a mall.

The project will be built on a five-hectare plot of land near the Bina Waluya hospital on Jl. D.I. Panjaitan, East Jakarta, he said.

The memorandum of understanding was signed on Nov. 20 by Soeratno and a representative of the Euro Consortium of Property Business, Vice President G. W. U. Worotikan. The consortium is owned by investors from the Netherlands, Germany and Britain.

Under the agreement, the project will be handled by a joint venture company in charge of domestic and foreign marketing and operational management of the property for 20 years. (hhr)