Indonesia's Bakrieland To Build US$355 MLN Residential Project
Indonesia's Bakrieland To Build US$355 MLN Residential ProjectJAKARTA, PT Bakrieland Development Tbk (JSX:ELTY) will build a real estate project at Kuningan area, south Jakarta, starting early 2006 and is expected to finish it in 2011.
The residential property project, Rasuna Epicentrum, is estimated to cost around Rp3.5 trillion (US$355 million), said director of PT Bakrieland Development Tbk. Marudi Surachman on Thursday.
Rasuna Epicentrum will be constructed on a 44 hectare-land area and will consist of a Bakrie Tower, offices, a media walk, a TV studio and condominiums.
The budget for the project has been raised through a share issue worth Rp630 billion collected in November 2005, and pre-selling payments and joint ventures, said Surachman.
"Such a financing system is not expected to put too much burden on the company, and management prefers to avoid bank`s loans," he said.
The director said the company would develop residential property projects in the next five years, while still maintaining the development of city projects such as hotels and public resorts.
