P

ondok Indah Group intends to expand two malls despite a moratorium by the Jakarta administration, claiming that the group had secured the appropriate permits.

Pondok Indah Group, through its subsidiary publicly listed Metropolitan Kentjana, will develop the 100,000 square meter Pondok Indah Mall 3 in Pondok Indah, South Jakarta.

Another subsidiary, PT Antilope Madju Puro, will build the 80,000 sq.m. Puri Indah Mall 2.

'€œIf the permit goes smoothly, we will start building at the end of this year,'€ Pondok Indah Group vice president director Jeffri S. Tanudjaja said Monday, as quoted by Kontan.co.id.

Pondok Indah Group secured approval to build malls during the era of former Jakarta governor Fauzi Bowo, according to Jeffri.

'€œWe design malls that are inter-connected to avoid cannibalism,'€ he explained.

On top of Pondok Indah Mall 3, two apartment towers and two office towers will be built, while above Puri Indah Mall 2, there will be two apartment towers.

Pondok Indah Group estimated investment of Rp 3.5 trillion (US$270.48 million) for the Pondok Indah project, excluding land, and Rp 3 trillion for the Puri Indah project.