PT Ciputra is developing luxury housing in Cibubur
PT Ciputra is developing luxury housing in Cibubur
JAKARTA (JP): Publicly listed property firm PT Ciputra
Development is developing a 300-hectare luxury housing complex in
Cibubur, East Jakarta.
Ciputra Development's director Harun Hajadi said yesterday
that the housing complex, called Citragran, would be developed in
stages within eight years.
He said the first stage, on 45 hectares, started a week ago
and was due to be completed in 12 months.
"We will build 238 high class houses in the first stage," he
told The Jakarta Post yesterday.
He said total investment for the first stage was about Rp 300
billion (US$125 million) including Rp 180 billion to establish
infrastructure such as electricity, telecommunications, water
treatment, roads, public parks, lake and other public facilities.
Harun said the first stage development of Citragran was
financed by the company's equity and bank loans including one
from Bank Dagang Nasional Indonesia (BDNI) worth Rp 30 billion.
He said houses in Citragran would be sold for between Rp 250
million and Rp 1 billion.
He said that expatriates were expected to be the main buyers
of the houses.
"We want to make Citragran an international community," he
said.
Harun said that the next stage would cover apartments, a
shopping complex, shopping street, kiosks and cafes.
But he declined to disclose the total investment.
Ciputra Development is a property developer with a good
reputation. It is chaired by property tycoon Ciputra.
In May this year, Ciputra Development, through its subsidiary
PT Ciputra Surya, announced a plan to develop a CitraHarmoni
housing project in Sidoardjo, Surabaya with a total investment of
around Rp 2 trillion (US$833.33 million) over 10 years.
The CitraHarmoni housing project occupies between 800 hectares
and 1,000 hectares and will cater for the growing number of
employees in the industrial estates in Sidoardjo.
Sidoardjo, about two kilometers from Surabaya, is an important
East Java industrial town.
Harun said CitraHarmoni would be developed in 10 stages.
The first will begin in December 1997 with a total investment
of around Rp 200 billion.
He said that in the first stage about 1,200 medium houses
would be built at a cost of between Rp 12 million and Rp 90
million.
Harun said that PT Ciputra Surya, the Kota Mandiri CitraRaya
housing developer -- also in Surabaya --, has several property
projects outside East Java such as the Ciputra Mall and Hotel in
Semarang, Central Java, CitraRaya in Tangerang, West Java,
CitraIndah in Cibubur, East Jakarta and Ciputra City in Jalan
Satrio in South Jakarta's golden triangle. (09)