Sat, 27 Aug 1994

Park Royale sells 90 units

PT Sari Tirta Lembah Hijau, the developer of Park Royale apartments on Jl. Gatot Subroto, Central Jakarta, said it has sold 90 of its apartments.

The developer's director, Deddy Kusuma, said yesterday it had sold out 50 units from Park Royale I and II and 40 units from Park Royale III, which is still under construction.

The developer, which is jointly owned by the Napan Group and the Metropolitan Group, plans to sell 40 percent of a total 374 units in the three apartment blocks in line with the government regulation enabling developers to sell their apartments.

A Park Royale I and II apartment is sold for between US$ 2,000 and $3,000 per square meter, while higher prices are set for Park Royale III.

Deddy said earlier that proceeds from the sales will be used to repay the developer's US$ 35 million new loan, which is being used to finance the development of Park Royale III. (has)