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Jakarta Post

MNC, Trump resort in Bogor to operate in 2019

  • Anggi M. Lubis

    The Jakarta Post

Jakarta   /   Sat, September 12, 2015   /  04:17 pm

Publicly listed developer MNC Land'€™s luxurious resort in West Java '€” which will be developed in partnership with US real-estate tycoon and aspiring presidential candidate Donald Trump'€™s hospitality business '€” will start its full commercial operations four years from now, the group'€™s officials have said.

The company, which is part of politician Hary Tanoesoedibjo'€™s business empire MNC Group, will soon start construction of a part of its resort in Bogor, West Java. The resort will gradually take shape before it is fully completed in early 2019, according to MNC Land vice president of business development Ivan Casadevall.

The Lido Resort '€” once owned by the politically wired conglomerate Bakrie Group '€” spans 3,000 hectares and will comprise three components, namely a hospitality wing, a golf course and a theme park.

MNC will partner with Trump Hotels Collection for the hospitality and golf course component, Casadevall said, while it will partner with another US firm specializing in entertainment for the theme park.

Lido will be Trump'€™s second partnership and second six-star hotel after previously signing on for a project in Bali.

Trump made headlines in Indonesia last week after Indonesian House of Representatives speaker Setya Novanto and deputy speaker Fadli Zon were spotted attending a Trump campaign rally. In response, some legislators reported Setya and Fadli to the House'€™s Honorary Council for an alleged ethical violation.

Trump will be involved with phase one of the 700-hectare Lido development. The development will include a six-star luxury resort, an 18-hole signature Ernie Els championship golf course, a country club, a wellness destination spa and high-end residential villas and condominiums.

'€œThe project will break ground sometime next year. The golf course, however, is already in progress and is expected to become operational at the end of 2016. The luxurious country club will become operational in 2017, in line with the unveiling of a new toll road, also developed by the MNC,'€ Casadevall told The Jakarta Post over the phone, referring to the Bogor-Ciawi-Sukabumi toll road.

'€œThe hotel villas and residential areas will begin 2018 and will become commercially operational in early 2019.'€

Casadevall said that the whole project would be 100-percent developed and owned by MNC Group, and Trump would act solely as an operator.

He declined to disclose the scale of the investment, saying that his company was still finalizing components of the investment and that the partnership was just beginning to take shape. The MNC Group acquired Lido Resort in a Rp 1.4 trillion (US$97.8 million) deal from British Virgin Islands-based Charlton Group Holdings Ltd.

Bakrieland Development, part of the business conglomerate Bakrie Group, formerly owned shares in Lido Resort. Bakrieland let go of its shares to PT Zulam Alinda Sejahtera, before the latter issued exchangeable and convertible bonds through Charlton.

Lido Resort will be MNC'€™s second partnership with Trump after they signed a deal last month to manage a six-star luxury resort and residential development in Bali.

The company spent around Rp 1 trillion in acquiring the Bali resort.

Hary Tanoesoedibjo said in a statement that he '€œlooked forward to creating a new point of departure in the most populated archipelago in the world with this iconic resort development'€.


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