Senayan office space to be ready in October: Developer

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)