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Plaza Indonesia expands into middle class apartment business
Publicly listed PT Plaza Indonesia Realty, which manages the sprawling Plaza Indonesia shopping and office complex in Central Jakarta through its subsidiary PT Plaza Indonesia Urban, recently introduced the Alterra Residences in Ciputat, South Tangerang, just south of Jakarta
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ublicly listed PT Plaza Indonesia Realty, which manages the sprawling Plaza Indonesia shopping and office complex in Central Jakarta through its subsidiary PT Plaza Indonesia Urban, recently introduced the Alterra Residences in Ciputat, South Tangerang, just south of Jakarta.
Unlike its other portfolios, such as The Keraton Residences and Luxury Collection, which targets the affluent, the Alterra Residences are aimed at capturing the urban middle class market.
The price tag of a studio-type apartment is around Rp 300 million (US$23,400) and the loft apartment, the most expensive apartment type at Alterra, costs Rp 1 billion ($78,000).
PT Plaza Indonesia Urban president director Lucy Suyanto said that the new property was expected to increase the company's revenues.
'We rely for our growth on recurring income from the rental spaces in Plaza Indonesia, FX Plaza, Grand Hyatt Hotel, Luxury Collection and the Harris Suites. We now want to increase our revenues by selling apartments,' Lucy said as quoted by kontan.co.id on Tuesday evening.
According to her, the sales of the Alterra Residences in the first phase are expected to contribute up to 25 percent of the company's total revenues, equal to Rp 500 billion.
Even though the project has yet to be constructed, around 1,200 customers have committed to buying apartments.
The construction of the new apartment building is set to begin in May 2015. (nfo)(++++)
