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.
Sinar Mas Land to invest Rp 4t in Batam infrastructure
Upbeat: Two marketing officers stand in front of a Sinar Mas Land booth at an exhibition
Change Size
Upbeat: Two marketing officers stand in front of a Sinar Mas Land booth at an exhibition. The property developer is set to build a prestigious residence and mixed-use compound called Nuvasa Bay in Batam on 228 hectares, with investment of Rp 4 trillion (US$287.5 million). (Kontan/Fransiskus Simbolon) (US$287.5 million). (Kontan/Fransiskus Simbolon)
U
span class="inline inline-center">Upbeat: Two marketing officers stand in front of a Sinar Mas Land booth at an exhibition. The property developer is set to build a prestigious residence and mixed-use compound called Nuvasa Bay in Batam on 228 hectares, with investment of Rp 4 trillion (US$287.5 million). (Kontan/Fransiskus Simbolon)
Property developer Sinar Mas Land will start developing residences and integrated mixed-use areas on 228 hectares with initial investment of Rp 4 trillion (US$287.5 million) in the middle of next year, an executive has said.
Sinar Mas Land strategic development and service CEO Ishak Chandra said the project, Nuvasa Bay, was the firm's first development in Indonesia targeting wealthy people from Indonesia, Malaysia and Singapore.
'Nuvasa Bay carries the concept of a residence that is surrounded by a golf course and beaches,' said Ishak during the launch of the project at the Palm Springs Golf and Country Club in Batam on Saturday evening.
Ishak said the project was also targeting expatriates in Batam. According to official data, there are 6,000 expatriates in Batam.
'In the last three years, Batam has become among Indonesian cities with most stable property growth. We are optimistic [about achieving the target] with the current premium property price of more than Rp 4 billion,' said Ishak.
He said 1,100 houses and 4,000 apartments would be built in Nuvasa Bay, half of which would be completed in the next five years with investment of Rp 4 trillion. Overall, he said, the project would cost Rp 9 trillion and was expected to be fully completed in the next 15 years.
'We hope that our regulations on foreign property ownership in Indonesia will not result in prices being set too high. Setting the price within a range of between Rp 3 billion and Rp 4 billion will be affordable, similar to prices in Malaysia. This will be good for the prospect of property growth in our country,' said Ishak.
The project is the third Sinar Mas Land project in Batam after the Palm Springs Golf course was inaugurated by president Soeharto in 1995 and the Duta Mas luxury residence compound in Batam Center.
Around 110 out of 228 hectares of land, on which the Nuvasa Bay compound will be built, is currently taken up by a 27-hole golf course that will be reduced to 40 hectares and 18 holes to make way for mixed-use development, while around 100 hectares of land will be maintained as forests and mangrove forests.
Palm Springs Golf and Country Club general manager Steven Japari said that the golf course, which has been in operation for 20 years, welcomed 3,500 golfers every month, 500 of which were local. (ebf)
