Setiabudi to get posh new condo

Setiabudi to get posh new condo

JAKARTA (JP): Despite the sluggish demand for apartment units
here, a local property developer and its two Japanese partners
plan to construct a luxurious condominium complex of four towers
with 35 floors each in the Setiabudi area of Central Jakarta.

The project has a total investment of US$160 million, and
construction of the first two towers will start in August this
year, David Salim, managing director of PT Dewata Wibawa, said
yesterday.

A private study conducted recently revealed that the public
demand for apartment units is dwindling due to an oversupply in
the market.

Tyler E. Goodwin, Dewata's marketing director, said, "Our
project is designed to meet the increasing demand of the upper-
class market whose supply is staying constant."

PT Dewata Wibawa, a newcomer in the property business, has a
55 percent stake, Nissho Iwai Corporation 25 percent and Toyo
Real Estate Co. Ltd holds 20 percent.

The apartment will be built on a 2.4-hectare plot across from
the Regent Hotel in Jakarta's Golden Triangle area near the
city's main thoroughfares of Jl. Sudirman and Jl. Rasuna Said.

"We will only use 18 percent of the land as the footprint of
the buildings, while the remaining area will be used for other
facilities such as landscaped gardens, sports facilities and
streets," said David.

The first phase will complete 234 units in two towers in 1998.

The developer will announce more details of the project,
including the price, the name of the project, the date of the
launching and the management on March 14.

"The price per unit, to be sold based on the strata title
system, will be almost the same as the high-class apartment units
currently offered in the Golden Triangle area here," David said.

The firm managing the project might be a five-star hotel group
from overseas, he said.

He added that the apartment will consist of 570 varying units
with widths stretching from 200 square meters to 962 square
meters. (bsr)