Jakarta. Property developer Ciputra Group has launched a Rp 3 trillion ($13.8 million) integrated central business district and residential project in Cibubur, East Jakarta.
The project, known as CitraGrand Cibubur CBD, will be built on 100 hectares, with 60 hectares reserved for residential and the remainder for commercial development.
"We are launching this project as massive infrastructure developments are currently taking place in the Cibubur area, which will boost the development of the area," Ciputra Group managing director Harun Hajadi said in a statement the Jakarta Globe received on Friday (27/10).
The project, which is aimed at middle- to high-income buyers, will consist of a residential cluster, apartment building, houses, office building, urban lifestyle center, schools and university, all of which will be developed by the Ciputra Group.
CitraGrand Cibubur CBD will benefit from two massive government-funded transportation projects in the area. It will be situated only 10 minutes away from the Cibubur toll road exit, 10 minutes from the Cibubur light rail transit station (slated to be operational by 2018) and three minutes from the new Cimanggis-Cibitung toll road, which is expected to be completed by 2019.
As part of the first stage of the development, Ciputra is developing two residential clusters, named Fraser Park and Lagoon Residence. The project was soft-launched in the second week of October.
Ciputra has set a marketing sales target of around Rp 400 billion for the two initial clusters and it has already achieved half of that from the sale of 152 units.
The Ciputra Group is active in 13 sectors, including residential and commercial developments, hotels, recreational facilities, education, health care, agriculture, telecommunications, art centers and the media.
The group operates businesses in 43 cities across the archipelago and in several Asian countries, including China, Vietnam and Cambodia.