Surabaya to have fantasy world

Surabaya to have fantasy world

JAKARTA (JP): CitraRaya Surabaya, a Ciputra group subsidiary,
will develop a shopping center and recreational park costing
US$100 million in Surabaya, East Java, the company announced
yesterday.

CitraRaya president director Harun Hajadi said the company
would start building the complex, named Mal & Dunia Impian (MDI)
Ciputra CitraRaya Surabaya, next April. It is scheduled to be
completed in 1999.

It will be built at the CitraRaya Surabaya housing estate,
which is now under construction. The company expects to develop
about 25,000 luxury houses at the estate.

The recreational park, to cost $40 million, is to be developed
on 20 hectares. The shopping center is projected to cost $60
million.

The recreational park is being designed by DUELL Corporation
of the United States based on a similar concept to Dunia Fantasi
(fantasy world) park in Ancol, North Jakarta, Harun said.

In the project's first phase, the park will cover nine
hectares and feature a rapid river, bumper cars, giant ferris
wheel, carousel, boat swing, roller coaster, children's rides and
toy palace.

The four-story shopping center, to contain 200 shops and a
parking lot for 3,000 cars, will also be developed in the first
phase.

Ciputra, Ciputra group's founder, said the complex was
designed as a tourism and shopping belt, like on Jl. Dr. Satrio
in Kuningan, Jakarta.

"There will be an ample sidewalk along the 1.5-kilometer-long
street within the complex to make people feel comfortable walking
along the street," he said.

Ciputra Group has started developing part of the
1.8-kilometer-long Jl. Dr. Satrio to become what it calls a
shopping and tourism belt, resembling the famous shopping centers
on Orchard Road in Singapore, Champs Elysee in Paris, Fifth
Avenue in New York and Rodeo Drive in Los Angeles.

"The plan is supported by Jakarta governor Surjadi Soedirdja
and Minister of Tourism, Post and Telecommunications Joop Ave,"
he said.

Candra Ciputra, president director of PT Citraland Adigraha, a
Ciputra group subsidiary, said PT Citraland, in a joint venture
with Liang Court Holdings of Singapore, had built the Apartemen
Citra Regency apartment building on Jl. Dr. Satrio.

PT Citraland, in a joint venture with Hong Kong's Peninsula
Group and Singapore's NatSteel, is now developing a mall and two
hotels, Peninsula and Ciputra hotels, on the street with an
investment of $500 million.

Some $260 million of this is being financed by a syndicated
loan from five foreign banks, with Hongkong and Shanghai China
Bank as the syndicate's lead arranger.

The mall and hotels are scheduled to open in 2000.

PT Citraland plans to develop four hotels, two malls, two
apartment buildings and five condominium buildings on its 13.5
hectare site on Jl. Dr. Satrio. The total development requires an
investment of $1.8 million. (jsk)