Property developer Majestic Land is working on a portfolio of new property projects over the next five years worth Rp 40 trillion ($3.45 billion) beginning this year, the developer’s chief said last week.
Wisnu Tri Anggoro said the projects, worth Rp 40 trillion ($3.45 billion) involve construction of residential, commercial, and hospital buildings.
Winsnu Tri was quoted by Investor daily last week as saying “We are optimistic the property business will retain good prospects. That’s why we’ve kept expanding into various property segments,”.
He detailed some of the projects, including one in Yogyakarta where the company is planning to build apartments as well as a condominium-hotel to be named Best Western Condotel on 1,682 square meters of land.
According to Wisnu, of the 124 fully furnished condotel units still under construction, 89 percent had already been sold.
Property developers typically sell units in a project before construction is completed to help finance the development.
Wisnu also stated that property unit owners would take possession in the next 15 months.
Further Majestic Land projects include a condotel in Bandung, West Java, an office tower in Jakarta and a villa development project in Bali.
“The value of the projects vary, the biggest one is the office tower in Jakarta, which is estimated to cost Rp 870 billion,” Stated Winsnu.
Majestic not only develops property in Indonesia but also elsewhere in Asia.