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Podomoro signs Rp 820b contract for low-cost apartments
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Kalibata City apartment complex in South Jakarta is one of Agung Podomoro Land's low-cost apartment compounds in Jakarta. (kompas.com/Raditya Helabumi)
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ublicly listed property developer Agung Podomoro Land subsidiary Graha Tunas Selaras (GTS) has signed a Rp 820 billion (US$61.7 million) contract with Wijaya Karya Bangunan Gedung, a subsidiary of state construction giant Wijaya Karya, to build low-cost apartments in Cimanggis, West Java.
The contract is the first phase of the Agung Podomoro Land apartment project on the 60-hectare land, where it will initially build three towers comprising 4,000 apartments.
“So far, 85 percent of the apartments in the tower have been sold,” Agung Podomoro Land vice director Indra W. Antono said on Wednesday.
The three towers, scheduled to be completed by 2018, are intended for people of the middle- to lower-income brackets.
Indra stated that the development would be expanded to 24 towers consisting of 37,000 apartments.
The project will support the government’s flagship 1-million house program to tackle a housing backlog that reached 13.5 million houses in 2010.
So far, the company has built 28,000 low-cost apartments in Jakarta, such as the Kalibata City apartments in South Jakarta and Green Bay apartments in Pluit, North Jakarta. (est)
