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Kompas Group to build 3 new office towers

Indonesian media conglomerate Kompas Gramedia (KG) will build three new office towers in Palmerah, Central Jakarta, with Rp 350 billion (US$30

The Jakarta Post

Jakarta

Sat, April 19, 2014 Published on Apr. 19, 2014 Published on 2014-04-19T09:04:01+07:00

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ndonesian media conglomerate Kompas Gramedia (KG) will build three new office towers in Palmerah, Central Jakarta, with Rp 350 billion (US$30.6 million) in initial spending for the first tower.

Kompas Gramedia aims to complete construction of the first tower, which will take up a space of 50,000 square meters and consist of 18 floors, next year so tenants can begin moving in at the end of 2015.

'Funds for the development derive from internal cash,' said Thomas Sigit, deputy leader for the Kompas Tower Project 1, on Thursday, as quoted by kontan.co.id.

The main Kompas Tower will house the group's subsidiaries, namely Kompas TV, kompas.com and Kompas newspaper. Meanwhile, the second and third towers will be leased to other tenants.

'We will prioritize leasing to Kompas Gramedia's business partners,' Thomas said.

Office space will be leased for between Rp 200,000 and Rp 250,000 per square meter.

According to the master plan, construction of the second and third towers, which will be 27 levels and 50 levels, respectively, will begin in 2016 and finish in 2020, with a total area of construction amounting to 1.2 hectares.