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)