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)