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)