BEKASI (Yosefardi) – Property developer PT Cowell Development Tbk (COWL), through its subsidiary PT Nusantara Prospekindo Sukses, prepares Rp1.5 trillion to fund the first phase of superblock project, The Oasis in Cikarang, Bekasi, West Java.
The superblock will consist of 5 apartment towers, 2 hotel towers, hospital, corporate housing, and landed houses. The project is expected to cost Rp5 trillion and will take 10 years for the completion.
COWL suffered loss of Rp63 billion in the first quarter of 2015, against profit of Rp7.7 billion in the same period of 2014. Revenues jumped 169% to Rp175 bilion from previous Rp65 billion. But it booked foreign exchange (forex) loss of Rp80 billion. Its assets totaled Rp3.58 trillion while liability amounted Rp2.3 trillion.