Developer Targets Jakartans With Rp 4.5t Project

Developer Targets Jakartans With Rp 4.5t Project | Green Pramuka

Duta Paramindo Sejahtera, a local property company, hopes Jakartans earning modest incomes will flock to the apartment it plans to build on Jalan Pramuka in East Jakarta that will cover 12.9 hectares. 

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Cheppy Andreas, a director of the company, said The Green Pramuka Apartments will be marketed to lower- and middle-income households. “Demand for a decent living keeps growing and we are ready to meet that demand,” Cheppy said. The project will consist of 17 towers, at a total cost of Rp 4.5 trillion ($468 million). Duta Paramindo did not disclose the source of the funds it will use to build the complex. 

The company said it will also build support facilities, including offices, a shopping mall and educational and health centers. The ground-breaking event for the complex was held in 2010. Since then, some units in the first two towers have been sold. 

Duta Paramindo is the latest company to enter the near-saturated residential proerty market in Jakarta. 

Large property developers including Agung Podomoro Land, a unit of Agung Podomoro group, and Ciputra Property, the high-rise developer of Ciputra Group, have built a variety of apartment complexes for middle- and high-income residents of Jakarta. 

Ciputra Property has plans to invest Rp 1 trillion in a new office tower, as part of its extensive mixed-use property complex in Jakarta. 

Candra Ciputra, Ciputra Property’s president director, said last month that the company will build a 45-floor office building on its Ciputra World 2 compound on Jalan Dr. Satrio, in Kuningan, South Jakarta. The office tower, which is the second stage of the Ciputra World 2 development, will have a combination of units for sale and for lease. It is scheduled to be completed by 2015. 

Earlier this year, the company started building the complex by constructing two apartment towers, at a cost of Rp 1.1 trillion, that will be finished in 2014. This complex is situated close to its 5.5-hectare super block, Ciputra World. 

Last week, property researcher Cushman & Wakefield forecast that demand for residential properties in Jakarta would drop in the second half of this year and into early next year after Bank Indonesia increased the minimum amount for a down payment needed to purchase a home. 

But rising incomes mean the sector is expected to proposer in the longer-term.

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