Sinar Mas introduces new int'l trade center
Sinar Mas introduces new int'l trade center
JAKARTA (JP): PT Duta Pertiwi, a subsidiary of the Sinar Mas Group, dedicated yesterday the pre-opening of the International Trade Center Roxy Mas in Central Jakarta, the second international trade center in Jakarta after the International Trade Center Mangga Dua in West Jakarta.
The developer has invested US$50 million to build the 12-floor building, which consists of six floors of shops and apartments.
The developer has implemented a strata title system, which is similar to its sister International Trade Center in Mangga Dua. From 658 kiosks available, 526 have been sold.
"The system is aimed at helping traders own kiosks so they will not have to worry about the annual rent or lease expiry date," Hari Hartanto, an executive director of PT Duta Pertiwi, said.
The prices of the kiosks vary, depending on which floor of the building the kiosks are on. For example, on the first floor, the price starts from Rp 22 million ($10,000) per square-meter.
Of the 120 apartments available, 102 have been sold, with prices starting from $1200 per square meter.
In an effort to comply with the regulation to provide space for small-scale traders, as required by city administration, the management has set aside part of its floor space for small-scale traders. Even though, the designated area is still less than 20 percent of total floor space.
Of the 12,200 square meters allocated for retail activities at the International Trade Center, 1,498 square meters are reserved for small-scale traders. The developer has paid Rp 123 million to city administration for the difference between the space provided and the 20 percent required under the decree.
Meanwhile, the Lippo Group launched yesterday Amartapura, The Residential Palace, a double-tower of luxury condominiums, in its new city at Karawaci, Tangerang.
The company is investing $80 billion to build the towers. Altogether there will be 716 condominiums. The project is expected to be completed in 1997.
The development of the apartments involves Hyundai Engineering & Construction Co. Ltd from South Korea.(yns)