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Economy in brief: Alfa Group expands into apartment business
JAKARTA: Retail giant Alfa Group is expanding into the apartment business with its Kingland Avenue condominium in Alam Sutera, South Tangerang, Banten province
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AKARTA: Retail giant Alfa Group is expanding into the apartment business with its Kingland Avenue condominium in Alam Sutera, South Tangerang, Banten province.
Its property arm AlfaLand has formed a joint venture with Growth Steel Group and Hong Kong developer Kingland Holding for the project under PT Hong Kong Kingland. It is the first high-rise residential project for AlfaLand since its establishment in 1999.
“We are taking advantage of the tax amnesty program. People will repatriate their assets, which have to be locked in Indonesia for three years. They will choose property as the place to put their money,” Alfa Group Chairman Djoko Santoso said after a press conference in Jakarta on Friday.
He said the government had created a conducive environment for the property sector next year. The central bank has cut its rate and eased the loan-to-value (LTV) rule.
“Rather than putting [funds] in a deposit with low interest, property will give you a much higher rate of return,” he added.
The first tower “The Venetian” will be built next year, with 85 percent of the units already sold. — JP
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