Pudjiadi to build apartments in Bali

Pudjiadi to build apartments in Bali

JAKARTA (JP): PT Pudjiadi Prestige Ltd. will construct a 180-
unit apartment building in the tourist town of Kuta in Bali with
an investment of Rp 50 billion (US$23.25 million).

Kosmian Pudjiadi, the company's executive director, announced
here on Saturday that the apartments will be built at the complex
of the firm's Kuta Palace Hotel, which has been operating since
1984.

He said the apartments will be constructed in two phases.

"The fist phase will include the construction of 108-units,
which will be completed by November 1995."

He said people interested in purchasing the apartments can
lease them through his company, which guarantees an annual
revenue of no less than 16 percent of their prices, which range
between $57,100 and $136,600.

Kosmian said his company will be able offer the apartments to
tourists because the occupancy rate of Kuta Palace Hotel, which
has 320 rooms, is 80 percent on average.

The hotel's occupancy rate is 95 percent at present, he said.

Besides the Bali hotel, Pudjiadi operates two other hotels in
Yogyakarta and Lombok and several apartments in Jakarta.

Kosmian said that his company plans later this year to start
constructing Marbella Residencia, a condominium and star-rated
hotel complex in Anyer, West Java, at a cost of Rp 250 billion.
(icn)