Ciputra starts construction of new hotel, office complex

Publicly listed property developer PT Ciputra Property said on Tuesday it would invest Rp 3.3 trillion (US$359.7 million) to build a condominium, hotel and office complex called Ciputra World 2 on Jl. Prof. Dr. Satrio in South Jakarta.

Ciputra Property’s Artadinata Djangkar said after the project’s groundbreaking ceremony that the investment would come from the sales of apartments at Ciputra World 1 in Kuningan, South Jakarta, pre-sales of the proposed condominiums at Ciputra World 2 and bank loans.

“The whole project will be completed in 2016,” he said.

Ciputra World 2 will comprise four towers, with construction of the first two towers on 1.2 hectares of land starting on Thursday. The first tower will contain 210 condominiums and 117 Fraser serviced suites belonging to luxury property company Fraser Hospitality Pte Ltd, and the second will have 349 condominiums.

“Total investment for these two towers is Rp 1.1 trillion. Construction starts today and we expect them to be finished by the end of 2014,” Artadinata said.

He added that the last two towers would consume the remaining Rp 2.2 trillion of investment and occupy 1.9 hectares of land.

Construction will begin on the third tower, which is allocated for offices, in the second semester of this year and is expected to be completed by mid-2015.

“We hope to create a new emerging financial district with the office tower. Hopefully, the complex will be similar to part of the Orchard Road area in Singapore,” Artadinata said.

The fourth tower will become a W Hotel, a luxury hotel owned by Starwood Hotels and Resorts Worldwide, Inc., one of the world’s largest hotel companies.

The W Hotel is Starwood’s luxury boutique hotel brand, generally marketed to a younger crowd.

“Its interior concept will be minimalist modern, very hip, something that can really attract young people,” Ciputra Property’s general manager for marketing and sales Helen Hamzah said.

Helen said construction on the hotel would start in early 2013 and was expected to be finished in 2016.