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eal estate developer PT Jakarta Setiabudi Internasional Tbk (JSPT) is assessing the possibilities of developing apartments and a residential complex in South and West Jakarta with an estimated investment of about Rp 2 trillion (US$222 million).

JSPT general marketing manager Irza Ifdial said that the company was seeking to cooperate with landowners in the Puri Indah central business district in West Jakarta and in Kebayoran Lama, South Jakarta to develop these projects.

“We are looking at areas of about three to four hectares in two locations in West Jakarta and one in South Jakarta. We will build a high-end residential complex in Kebayoran and apartments for medium-income people in West Jakarta,” Irza said on the sidelines of JSPT’s launch of its apartment project called Setiabudi SkyGarden.

He revealed that each apartment block in West Jakarta would be about 30 storeys while the exclusive residential complex in South Jakarta would be less than 100 units.

Irza said that the investment in the West Jakarta apartment complexes would be around Rp 500 to Rp 600 billion each while the residential complex in South Jakarta would need about Rp 1 trillion.

Indonesia Stock Exchange (IDX) listed JSPT will also utilize its four-hectare site in Mega Kuningan, one of the most prominent central business districts in Jakarta, according to Irza.

“We have a raw sketch of the basic design for a superblock in Mega Kuningan. We will need about two years to complete the design and expect to start construction in 2014 or 2015,” Irza said.

The company has just started the construction of Setiabudi SkyGarden, a residential complex located in South Jakarta. The Setiabudi SkyGarden has two strata towers with 586 units and a serviced tower to be managed by apartment operator Frasers Hospitality.

“We just carried out the groundbreaking of Setiabudi SkyGarden in late January and aim to finish the project in November 2014,” Irza said.

In its pre sales, JSPT has sold 54 percent, or 340 out of the 586 units, of Setiabudi SkyGarden.

“We hope to sell 100 more this year. We offer an apartment with two bedrooms at around Rp 2 billion to Rp 3.2 billion and three-bedroom units for about Rp 4.5 billion. For the Fraser tower, we are offering a rental rate of around $35 to $40 per square meter,” Irza said.

Besides Frasers Hospitality, JSPT is cooperating with Japanese property company Tokyo Land Corporation as well as architecture and construction company Shimizu Corporation to build Setiabudi SkyGarden.

Irza said that total investment in the Setiabudi SkyGarden was above Rp 1 trillion.

He added that JSPT expected that Setiabudi SkyGarden would contribute up to 70 percent of the company’s sales this year. He declined to provide details about the company’s sales target.