TheJakartaPost
Please Update your browser
Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.
WIKA expands into condotel business in Bali
One of the largest state-run infrastructure companies, PT Wijaya Karya (WIKA), is set to open two condotels in Bali this year through its subsidiary, PT Wika Realty, in order to strengthen the companyâs business in the property sector
Change Size
O
ne of the largest state-run infrastructure companies, PT Wijaya Karya (WIKA), is set to open two condotels in Bali this year through its subsidiary, PT Wika Realty, in order to strengthen the company's business in the property sector.
The two condotels, Tamansari Jivva in Klungkung and Tamansari Jineng in Kuta, are expected to open in the first semester of the year.
'Both projects entered the last phase of their construction at the end of 2014,' Imam Sudiyono, Wika Realty business and property development director said as quoted by kontan.co.id on Saturday.
Imam said that Tamansari Jineng would be operated as a four-star hotel and managed by Golden Tulip, a member of France's Louvre Group.
Wika Realty will rent 60 percent of the rooms in both condotels and sell the remaining 40 percent to investors.
Imam also said the firm had was readying two more new condotel projects on Bali: Tamansari Gangga in Tabanan and Tamansari Payangan in Gianyar, hoping to strengthen its foothold on the island.
Similar to the previous two projects, Tamansari Gangga and Payangan will have rooms both rented and sold to customers.
With the new properties, the company expects revenues to grow by 32 percent to Rp 1.5 trillion (US$115.49 million) by the end of this year, while its net profit is expected to increase by 15 percent to Rp 148 billion. (nfo)(+++)
