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)