Executives at property developer Paramount Land were posing in a press conference event on Wednesday (6/11) in Semarang, Central Java. The company started offering housing units at Paramount Village real estate, a project in Semarang. (Photo courtessy of Paramount Land)

Paramount Land Starts Offering Units in Rp 350b Semarang Project


JUNE 11, 2015

Jakarta. Property developer Paramount Land started offering housing units at Paramount Village, a project in Semarang, Central Java, valued at Rp 350 billion ($26 million), the company said in a statement on Thursday.

Paramount Land Ervan president director Adi Nugroho said Semarang — the capital of Central Java province that is the fifth-biggest city in Indonesia and is home to about 2 million population — offers prospects for middle to upper-income residential property units.

“With a relatively huge population, with [annual] growth rate at about 2 to 3 percent, it [the city] needs well-developed residential property projects,” he said.

Paramount Village is supported by a commercial area called Paramount Square — a complex of shophouses in center of the real-estate area.

Paramount Land sets a target of Rp 500 billion from sales of housing units in the property area, according to the statement. It started marketing sales, or sales of units from unfinished property projects, on Wednesday. Construction will start in August, and the project is expected to be completed within 22 months afterwards.

Andreas Nawawi, managing director at Paramount Land, said the company experienced an increase in demand for middle to upper-income residential units in Semarang, the first city for its real-estate expansion beyond Tangerang, Banten.

Paramount Land has completed development of its signature project, which is a township called Gading Serpong in Tangerang and home to more than 53,000 people.

Paramount Land is part of Paramount Group, which is controlled by Elizabeth Sindoro, who according to GlobeAsia’s 2014 Rich List, has a net worth of $255 million.