Two more luxurious apartment buildings in the pipeline
Two more luxurious apartment buildings in the pipeline
JAKARTA (JP): Two more luxurious apartment buildings are
underway in spite of unfavorable forecasts in the property
business, especially in high-class residential development due to
tough competition and oversupply.
PT Graha Hexindo, a property division of the widely
diversified PT Ometraco group, will construct two apartment
buildings with 24 floors each on a 1.6 hectare plot in the
Grogol, West Jakarta, business district with a total investment
of around US$80 million.
"Forty percent of the funds needed will be from our group,
while the remaining will be provided by a consortium of local
private banks," said Boyke Gozali, president of the Ometraco
group.
Named The Tropics, the apartment buildings which were designed
to cater to middle and upper income earners are located between
the campus of Unkrida University and Citraland Mall, the largest
shopping complex in Grogol.
"The construction is expected to start in May and be completed
in July 1996," said Mardjoko Sulistyono, project manager of the
plush residential buildings.
The apartment buildings will be equipped with a swimming pool,
tennis court, sports club, day-care center, health club, mini
market, business center and a 24-hour security system.
Boyke added that 40 percent of the 300 apartment units in the
Tropics, sold at between US$1,100 and $1,600 per square meter,
have already been sold out during a soft launch phase.
"Our advantage is that our apartment complex is located in the
prime business district and will employ the idea of Sky Gardens,
where dwellers will feel as if they are in a one-story house, not
in tall buildings, because they can see gardens in front of them
which are built every four floors," said Boyke, adding that he is
optimistic that all units in his apartment buildings will sell
out.
Boyke's optimism was supported by Jenny Jethnani from PT
Procon Indah, which is handling the promotion and marketing of
the apartment buildings.
Meanwhile Minister/State Secretary Moerdiono yesterday laid a
cornerstone marking the start of the development of six
condominiums -- three with 18 floors and another three with 24
floors -- in the Kemayoran New Township, Central Jakarta.
The development of the Kemayoran condominiums, which are being
sold at Rp 88 million (around US$40,000) per unit and will stand
in a two and half hectare plot, is expected to be finished within
24 months.
"The project is expected to be completed before the end of
1996," said Kafi Kurnia from Peka Consult Inc., which is in
charge of public relations for the condominiums worth Rp100
billion.
The condominiums are jointly owned by P3K Kemayoran, an
authority formed by the government to take charge of the
development of the 454-hectare area at the defunct Kemayoran
airport, and PT Duta Adhipura, a privately owned developer.
(has/kod)