From Government of Indonesia

Developer Looks at Rp1.2 T in Projects: Report

Property developer PT Ciputra Development plans to build Rp1.2 trillion ($132.2 million) worth of projects that were delayed by the Asian economic crisis, Investor Daily reported on Wednesday (27/12/06).

Ciputra finance director Tulus Santoso said the firm, through its subsidiary PT Ciputra Adigraha, plans to develop a shopping mall, a hotel and an apartment building in Jakarta in the first quarter of 2007.

Ciputra started the project in 1996 but the economic crisis in 1997-1998 forced management to halt development.

Santoso said 30% of the financing for the projects will come from internal funds and the remainder from pre-completion sales and bank loans.
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