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)