JAKARTA: PT Wijaya Karya Realty, a unit of PT Wijaya Karya Tbk (Wika), may spend IDR600 billion to build five property projects in several cities this year.
Total construction costs may reach IDR1.7 trillion, said PT Wika’s Finance Director Imam Sudiyono. However, the company has only allocated IDR600 billion this year.
“We’ll use internal cash and have secured IDR50 billion funding support from Wika. The investment estimates include costs to secure land. Most of our projects are done in cooperation with land owners,” he told Bisnis on Tuesday.
Such cooperation makes it easier and faster for the company to secure land and the cost is also lower than acquiring land, he said.
Apartment
The five projects include an apartment building in Old Town in Jakarta. The company plans to build two towers, each with six floors, and a condominium hotel over 5,000 square meters of land. Construction will start mid this year.
The other projects are houses on a 40 hectares land in Kendari, Southeast Sulawesi, targeting for middle and high-income buyers, Imam said.
Another project is one tower apartment and condominium on DI Panjaitan, Cawang, East Jakarta on 6,000 square meters of land. The groundbreaking of the complex, which will have 600 units, will take place next month.
The other projects are located in Bandung, namely apartment buildings on Merdeka and on Soekarno-Hatta, each over a land of 6,000 square meters and 4,000 square meters, respectively. The last one is a condominium hotel in Boulevard area, Manado, North Sulawesi on a 4,000 square meters of land. It is a joint project with the area’s land owners. (T03/msw)
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