Park Royale sells 90 units

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)