JAKARTA (Yosefardi) – Property developer PT Radinka Quatro Land will build One Otium Residence (apartment) in South Jakarta at a cost of Rp600 billion, Investor Daily reported this morning.
The groundbreaking of the project is scheduled for end April, next month. The apartment, built on 9,500 m2 area, will have 28 floors and provide 102 units.
Property industry is expected to grow by 10% this year, alongwith the expected pressures by the implementation of loan to value (LTV) policy, 30% minimum downpayment, and poltical factor of the election year.
Meanwhile Provident Development, unit of Provident Capital Indonesia, will in near term develop a superblock project in Tangerang, Banten with investment cost of Rp450 billion.
PT Agung Multi Berjaya is also now building Atlanta Residence apartment in Margonda, Depok, West Java which costs Rp350 billion, targeting premium class.