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Building of $1 billion superblock to begin in Jababeka
Two publicly listed property developers, PT Plaza Indonesia Realty and PT Jababeka, are collaborating to develop a US$1 billion superblock in the Jababeka area, West Java, next year
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wo publicly listed property developers, PT Plaza Indonesia Realty and PT Jababeka, are collaborating to develop a US$1 billion superblock in the Jababeka area, West Java, next year.
The superblock, which will be built on 200,000 square meters of land, will comprise a hotel, retail areas, serviced apartments and offices.
The operator of the hotel will be the Hyatt Group.
'We are considering two options for the hotel: either to use the Hyatt Regency or Hyatt Park hotel brands. Our hotel will be as luxurious as the Grand Hyatt in Thamrin, Jakarta,' Jababeka's vice president for business development, Suteja Sidarta, said Monday as quoted by kontan.co.id.
Once construction on the hotel is completed, the firms will start building the top-of-the-range apartments.
'The shopping mall and office complex will be constructed in the last phase of the project. In a similar way to The Plaza [office building] and The Plaza Indonesia [shopping mall] in Jakarta, both the shopping mall and offices [in Jababeka] will cater to demand by the upper echelon of society, while we will fill the retail space with international brands," he added. (nfo)(++++)
