BOGOR: Subsidiary of property developer PT Bakrieland, PT Graha Andrasentra Propertindo, and the international property management Aston International signed an agreement Wednesday to cooperate in building and managing the Aston Bogor Hotel Resort.
The four-star Aston Bogor Hotel Resort, which is expected to start operating in December 2008, will be located in 3.8 hectares of land in Nirwana Epicentrum superblock, near Nirwana Residence housing complex in Bogor, a city 60 kilometers south of Jakarta.
"Of the total Rp 200 billion (US$21.88 million) on investment, we will allocate Rp 120 billion for the first phase of constructing the 120 hotel rooms," said Graha Andrasentra chief of business development Hendry Harmen.
"There will be 224 rooms consisting of 184 condotel (apartment) rooms and 40 hotel rooms to be sold to the public," said Graha Andrasentra chief of marketing Jo Eddy Raspati, adding that Aston International would manage all units within 10 years.
Investment in the property will generate 8 percent return for the first two years and 12 to 15 percent returns for the unit's owner at the end of each year, Jo said.
Jo said the company was targeting to sell all units by the end of this year, expecting to earn around Rp 175 billion. The prices of each room range from Rp 555 million to Rp 800 million. -- JP/rff
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