JAKARTA (IFT) – Property company PT Pikko Land Tbk (RODA) is preparing land to develop its Botanica apartment project in Simprug area, South Jakarta. The company, previously named PT Royal Oak Development Asia Tbk, will also build an office project in 2012.
Nio Yantony, Director of Pikko Land, said that the apartment development spans three hectares, with an investment of Rp 1.5 trillion (US$ 163.5 million). Construction work is projected to be completed in the next 2.5 years.
“Botanica apartment is aimed for middle to upper class consumers. We will build three towers with a total of 600 units,” he said.
Pikko Land is also preparing land for the development of an office building in Karet area, Central Jakarta. The 53 floor office building will be named Sudirman Center.
Meanwhile, PT Central Cipta Murdaya plans to develop a central business district (CBD) in Kemayoran, Central Jakarta. Construction of the CBD is estimated to require an investment of Rp 80 trillion.
Siti Hartati Murdaya, President Director of Central Cipta Murdaya, said that the company has 44 hectares of land for development. However, construction work could not be begin yet due to problems in licensing.
The company plans to partner with several equity partners to develop the business area. One of its partners is Hongkong Land Holdings Limited, which is Central Cipta Murdaya’s partner in Wisma Metropolitan I and II and World Trade Center I and II. According to Siti, the company is completing the master plan and business plan for the CBD in Kemayoran.
The CBD will have an office building, hotel, non-casino entertainment center and a convention center. The company targets Singapore and Hong Kong-based companies and financial institutions for its office building tenants.
There are several foreign property companies that have entered the national market. Keppel Land, a Singaporean property developer, is creating a company to develop Jakarta Garden City in Cakung, East Jakarta.
Les Nouveaux Constructurs from France controls 51 percent shares in PT Premier Qualitas Indonesia. The company develops luxury residential area projects. (*)