Pudjiadi to develop four new projects

JAKARTA (JP): Publicly-listed property developer PT Pudjiadi Prestidge said yesterday that it will start the construction of four new projects by the end of this year, including a satellite city, Kota Serang Baru, in Serang, West Java.

Pudjiadi's newly-elected president, Kosmian Pudjiadi, told journalists after an annual shareholders meeting here that the planned satellite city will be built on an area of 200 hectares with an investment of Rp 500 billion (US$212.5 million).

"We will build 100,000 low-cost and middle-scale houses, a golf course and a trade center," Kosmian said.

The second project is the expansion of Pudjiadi's Villa Marbella in Anyer, West Java, on a 70-hectare site. The company will build 4,000 villas, a golf course and a recreation and cultural center at an expected total cost of Rp 250 billion.

The third project is the third phase of the Kondominium Hotel Marbella Anyer project. This involves the construction of 400 condominiums at a cost of Rp 94 billion.

Third phase

"The last project is the third phase of the Manara Kelapa Gading apartments, which will cost Rp 70 billion," Kosmian said. "We will build 300 apartments."

He said that a large part of the funds to finance the four projects will be raised from bank loans.

Kosmian also said that for this year the company expects a 30- percent increase in net sale revenues, to Rp 100 billion, and a 10-percent rise in net profits to Rp 23 billion.

Pudjadi recorded an increase in sales of 6 percent to Rp 73 billion last year and a 3 percent increase in net profits to Rp 21 billion.

Kosmian also said that because of a change in its accounting system, the company could not include about Rp 50 billion of its sales revenues in its 1995 revenues. (alo)