Blacksteel Group Developing Three Malls in West Papua, at a Cost of Rp 600b i

By : Edo Rusyanto | on 10:20 AM September 26, 2014
Category : Business, Corporate News

Jakarta. The Blacksteel Group, a property developer, is developing three malls in Sorong regent, West Papua, at a total investment of Rp 600 billion ($50 million), the company’s chief operating officer said in Jakarta recently.

“The first project is to build The Plaza Sorong [mall], which is targeted to be completed by end of 2014,” Isaac Bliss Tanihaha, the COO of Blacksteel Group, told Investor Daily.

Isaac, who founded the Blacksteel Group, said that The Plaza Sorong will have the tallest high-rise building in Sorong, at 14 stories. The mall will be supported by Siloam Hospital, retailer Hypermart and a hotel.

The second mall being built is Sorong City Center and another mall is also located in Sorong regent. The three malls had commenced construction in 2013, Isaac added.

”We are cooperating with the Lippo Group. We hope this project will stimulate the economy in the local area,” said Isaac, who is a brother-in-law of Michael Riady.

Michael serves as chief executive of the Blacksteel Group, which is independent from the Lippo Group.

In May Michael had said the company plans to build 17 malls in the next five years and is targeting its development in remote areas of Indonesia.

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