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)