New apartments for C. Jakarta

JAKARTA (JP): A private joint venture developer will build three apartment blocks, called Perada Jakarta, on Jl. Teluk Betung, Kebon Melati district, Central Jakarta worth US$120 million, a company executive said yesterday.

The buildings will stand on 1.8 hectares of land and be built next April by PT Dharma Panggung Sentosa, Hendro S Gondokusumo, president of PT Dharmala Intiland said yesterday.

Two 35-story blocks will each have 216 units and a penthouse for sale, while the 33-story serviced apartment building will have 182 units and a penthouse for rent.

PT Dharma Panggung Sentosa is a joint venture company owned by PT Dharmala Intiland, PT Pendawa Surya Tirtamas and Taiwan's Ret-Ser Engineering Agency (RSEA).

Hendro said Dharmala Intiland owned 27.5 percent, Pendawa Surya Tirtamas 22.5 percent and RSEA 50 percent of the venture.

"The project will be completed in April 1999," Hendro said after the signing ceremony for the joint venture agreement.

He said the cost of the units would range from $2,000 to $2,700 per square meter while the monthly rental price for a unit would range from $28 to $30 per square meter.

The construction of the project will be 30 percent financed by the company's equity and 70 percent by a syndicated loan from foreign and domestic banks, he said. (jun)