Pakuwon Group to Start Second Phase of Rp 2t Apartment Project, Join Hands With Lotte
Jakarta. Pakuwon Group, a property conglomerate, is set to start developing the second phase of the Casa Grande apartments in South Jakarta this month.
Pakuwon is inviting Lotte Totalindo Joint Operation, a joint venture between South Korea's Lotte Engineering & Construction and local construction company Totalindo Eka Persada, to help develop three towers of apartments in South Jakarta with 45 stories each.
Kim Cheehyun, chief executive at Lotte Engineering, Donald Sihombing, president director at Totalindo, and Stefanus Ridway, president director at Elite Prima Utama, a construction subsidiary of Pakuwon Group, signed the letter of acceptance on Monday at Casa Grande, Kota Kasabalanka, a superblock, or a mixed use-property building that is the signature project of Pakuwon Group in South Jakarta.
Construction of the project on a 1.6-hectare plot of land in Kota Kasabalanka is expected to conclude at the end of 2017 or, at the latest, early 2018, Stefanus said. The project is said to be worth more than Rp 2 trillion.
”Casa Grande -- Second Phase is a residential apartment within the Kota Kasabalanka superblock. Kota Kasabalanka itself is a mixed-use integrated development that offers residential units, luxury commercial buildings all while situated in Jakarta's Central Business District Area,” Stefanus added.
Chief business development director at Pakuwon Group, Ivy Wong, said the project would offer three towers with 45 stories each.
”The total number of apartments in these three towers is 1,200 units, starting from two-bedroom apartments to three bedrooms,” he said.
Pakuwon Group was founded by businessman Alexander Tedja, known as Surabaya’s king of malls, with its Tunjungan Plaza Retail Mall a landmark in the capital of East Java.
After success in Surabaya, he expanded his property business to Jakarta in 2007 by acquiring majority shares of Artisan Wahyu, a developer company, which built Gandaria City.
Investor Daily
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