SURABAYA: PT Bukit Darmo Property Tbk allocates IDR350 billion to build new hotel and expand Lenmarc Mall in Surabaya.
The company will cooperate with Sol Melia as operator for hotel project. “We have signed the memorandum of understanding (MoU) and it’s now under the final stages of design in accordance with the standards from Melia,” Bukit Darmo Property President Director Philip Tonggoredjo said in public disclosure in Surabaya on Friday, June 8, 2012.
It prepares IDR200 billion for hotel project, while for mall development (extension facility) is estimated to reach IDR150 billion.
“The allocated budget derived from the company’s development fund and from the cooperation.”
As planned, the construction of hotel with 206 rooms will begin at the end of 2013 so that it could be operated early 2014. Part of the hotel project is a diversion from apartment.
Meanwhile, the development of extension facility is to meet the tenants’ needs. According to Philip, the current occupancy of the mall is 70%. Therefore, the addition of extension facility will increase the occupancy rate to 80% by the end of 2012. (T06/msw)