South Jakarta Mayor Tri Kurniadi ceremonially pours cement as part of Office Tower One Mangkuluhur City's topping-off ceremony on Friday (09/09). (Photo courtesy of Mangkuluhur City)

Kencana Graha Optima Tops Off Office Tower in Jakarta


SEPTEMBER 09, 2016

Jakarta. Property developer Kencana Graha Optima, a subsidiary of KG Global, held a topping off ceremony on Friday (09/09), marking the completion of its 33-floor office tower within the four-hectare Mangkuluhur City mixed-use development near the Semanggi interchange in South Jakarta.

"The Mangkuluhur City concept is an integrated area where people can work, eat and stay in one place," Kencana Graha Optima president director Harry Gunawan said on the sidelines of the Office Tower One topping-off ceremony.

A topping-off ceremony refers to an event, traditionally held as a public relations exercise, when a developer places the last beam on top of a building during its construction.

The Rp 750 billion ($57 million) 54,000-square meter office building will be ready for occupation in around June next year. So far, Bank KEB Hana Indonesia has already agreed to occupy 13,000 sqm and to become the anchor tenant.

"We've sold around 70 percent of the sellable office space at around $5,000 per square meter," Harry said, noting that the office tower mostly attracts companies in the finance or technology sectors.

Besides Office Tower One, Kencana Graha Optima is revamping the Crowne Plaza that is situated inside Mangkuluhur City. The developer is also building two new apartment towers, a dining center and a park on the premises.

According to Harry, Kencana Graha Optima will "soon" launch the apartment buildings in Mangkuluhur. Even before the official launch, Kencana Graha had already sold 40 percent of the 53-floor apartment building.

Harry said the company targets Indonesia's multi-millionaire families who are seeking houses for their children and also wealthy new families with two or three children.

"We offer 250 to 1,000 square meter apartments. We have 10 penthouses, four of which have been sold out," he said.

Kencana Graha offers the apartments at $6,000 per sqm, putting the price in the range of between $1.5 million and $6 million. The developer is currently seeking a permit to build Office Tower Two in the same area next year.

This time, Kencana Graha Optima will tie a strategic partnership with Hutomo Mandala Putra — better known as Tommy — the youngest son of the late President Suharto.

Harry declined to comment on the partnership.