New apartment development launched

New apartment development launched

Sari P. Setiogi, The Jakarta Post, Jakarta

Property developer Agung Podomoro Group has started developing
a new high-end apartment project, the Pakubuwono Residence, in
South Jakarta.

Built on a 3.6-hectare site, the project will have five towers
with a total of 639 apartment units. About 80 percent of the land
will be dedicated to green areas and facilities such as a
swimming pool, jogging track and gazebo.

The company's chief executive officer, Anisa Himawan, said
during a media conference on Saturday that the construction work
was expected to be completed by the end of 2005 and buyers could
start occupying their apartments early in 2006.

She said the firm will invest more than Rp 1 trillion (US$118
million) in the project.

The smallest apartment measure 151 square meter with the price
being about Rp 10 million (US$1176.47) per square meter.

Anisa said about 50 percent of the total units had been sold.

Anisa was optimistic about the project's prospects, saying
that the well-off now preferred apartments to houses.

Deputy Chief Project Management, Kornelius Tjeuw Kie Khian,
added that many Indonesians had bought high-end apartments
abroad, such as in Singapore and China, as they found there was a
shortage of such residential developments in Indonesia.

The Pakubuwono Residence is targeting this market segment, he
said.

Separately, the construction project manager for the
Pakubuwono Residence, Tetsuo Yamamura from Japan's Shimizu
Corporation, said his company believed the construction business
in Indonesia was promising, better even than Singapore.

"The economic situation is getting better and offering more
opportunities for us. Indonesia itself is a large country with a
lot of construction possibilities," he said, adding that Shimizu
expected to take on more projects in the country.

Projects in Indonesia that Shimizu have been involved in
include the Hilton Residence in Jakarta, and the Nusa Dua Hotel
and Convention Center and Grand Hyatt Nusa Dua, both in Nusa Dua,
Bali.