Senayan office space to be ready in October: Developer

JAKARTA (JP): The growing number of multinationals here are expected to be the main tenants of new office and apartment space in Senayan, Central Jakarta.

The director of property consultant First Pacific Davies, Martin Steens, said an 18-story office built by PT Senayan Trikarya Sempana, would be ready in October.

Other tenants would come from companies moving out of buildings more than 10 years old, Steens said.

"As offices grow they (managements) want to be more efficient and have one space instead of having separate floors or an office here and there," said Steens, who is marketing PT Senayan's project.

In the 30,400 square meters of leasable space, a floor will be rented for US$18 to $50 per square meter and a monthly service charge of $7 per square meter. Also under construction is a seven-story parking lot.

PT Senayan, a joint venture of the Japan-based Kajima Corporation, PT Aditya Wirabakti and the Senayan Sports Stadium Management Board, also built Plaza Senayan mall.

Kajima, which owns 70 percent of the shares, is developer, designer, contractor and property manager of the entire area named Sentral Senayan I.

The project will consist of twin apartment towers, a department store and hotel. It is based on a 40-year build, operate and transfer agreement with the board, which is under the State Secretariat.

"The BOT agreement is for the land," Steens said.

The board has a 10 percent share while PT Aditya, owned by Hasyim Djojohadikusumo and Titiek Prabowo, a daughter of President Soeharto, has 20 percent.

Hasyim is Titiek's brother-in-law.

PT Senayan's president director, Masao Hashimoto, said the project would preserve 40 percent of the open space.

The investment in the project, which began construction last year, was $800 million he said.

Steens said a finance company had agreed to rent several floors of the new building, which is exempt from the three-in-one car policy.

In January another property consultant, PT Procon Indah/Jones Lang Wootton, estimated that the additional supply of office space here would reach 850,000 square meters in the next two years. Colliers Jardine reported last month that office stock here was 3,193,047 square meters in December.

Steens said office rents would continue to rise given more demand and supply of office space. (anr)