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Magazines Archives - 2008 February
Ciputra invests in integrated
Indon mall
Story 13
PT CIPUTRA PROPERTY TBK has
projected an investment of Rp7 trillion (US$747.36 million) in
mixed-use development Ciputra World in Jakarta, Indonesia, by
2010. Group president directorCandra Ciputra calls the the
investment “realistic” as the company has “some Rp2 trillion in
internal cash and assets worth Rp8 trillion”.
Coming up are a six-storey shopping mall, 290 apartment units,
office space, a five-storey car park and a 200-room hotel,
topped with 80 luxury apartments. Construction will be carried
out in three phases, with Phase One expected to cost about
US$300 million and span over 5.5ha of land.
“Our revenue is mainly from leasing apartment units, mall
outlets and hotel chains. Our average annual revenue growth is
around 6%. This year, we’re expecting more revenue from the new
project,” said group director Artadinata Djangkar.
Ciputra also intends to issue up to US$300-million worth of
REITs (real-estate investment trust units) in Indonesia “to
finance our expansion for the next five years”, stated the
group, which expects revenues to hit Rp750 billion this year.
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