PT CSU to complete barter process this month
PT CSU to complete barter process this month
JAKARTA (JP): PT Catur Swasakti Utama (CSU), the developer of
the Taman Rasuna Said apartments, is scheduled to complete its
barter process with the city administration on Aug. 21, one of
the company's executives disclosed yesterday.
"Hopefully, the process can be completed as scheduled so that
it will enable us to secure the building permits from the city
administration required for the construction of two towers," Iwan
Hendradi B.I, the company's managing director, told reporters at
City Hall.
The city administration is withholding the building permits
for the construction of the two towers because the developer has
failed to fulfill its barter agreement obligations. The towers
are to be built at the site of an apartment complex to be
constructed by the developer on Jl. Rasuna Said, South Jakarta.
Assistant to the City Secretary Prawoto Danoemihardjo recently
said that PT CSU had yet to build a school in another area to
replace the city-owned school building it demolished to make way
for the construction of the two towers.
He said the city administration would not allow the developer
to build the two apartment towers until it has fulfilled its
barter obligation.
He explained that the developer had applied for 11 building
permits to build 11 towers. The city administration granted nine
of the permits, while the other two have been withheld due to the
developer's failure to comply with the requirements set.
PT CSU intends to build 16 apartment towers at the location.
Prawoto said that last year PT CSU, owned by Bakrie
Investindo, a holding corporation of the widely diversified
Bakrie business group, had illegally appropriated state-owned
properties, including the school building.
For this violation the city administration has punished the
company by asking it to contribute a certain amount of money to
the committee in charge of implementing a program for least-
developed villages -- a program based on a presidential
instruction designed to eliminate poverty.
Iwan said that his company has made a commitment with the city
administration to provide funds for 10 least developed
traditional residential areas in the city.
"The company is ready to do it but still waiting for further
instruction from the city administration," he said. However he
refused to specify the amount of funds to be provided by the
company for the program.
Iwan said his project was expected to be fully completed in
August next year.(yns)