JAKARTA: PT Bakrieland Development Tbk is investing IDR350 billion to build a condominium hotel known as The Ocea in Rasuna Epicentrum superblock, South Jakarta.
According to Managing Director of Bakrie Development City Property Business Unit Agus J Alwie, such investment fund derived from internal cash, bank loan, and pre-sale results.
"Investment for land area and construction of The Ocea is around IDR350 billion. We are currently selecting prospective operator for the condominium hotel and it's expected to operate in second quarter 2014," he said in press conference Friday (6/29/2012).
The Ocea will stand on 12,582 square meter land area consisting 324 units with studio type, 1 bedroom and 2 bedrooms. Each unit in the 32-floor condominium hotel is offered at prices ranging from IDR750 billion to less than IDR2 billion.
He is optimistic The Ocea will be sold out within two years of construction period or 6 months after completion. The market response, he continued, is quite positive.
"Around 80 units have been booked in the pre-sale period. Moreover, the company promises 10% return of investment (ROI) each year or above BTN's apartment mortgage loan of 7.24%," he said. (T06/ra)