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Jakarta Post

Wika subsidiaries team up, plan IPO

  • Winny Tang

    The Jakarta Post

Jakarta   /   Sat, October 7 2017   /  12:20 am

Property management firm Wijaya Karya Realty, a subsidiary of state-owned construction company Wijaya Karya (Wika), has transferred its contracts to its sister company, construction firm Wika Gedung, to speed up development of its infrastructure projects.Wijaya Karya Realty (Wika Realty) transferred eight projects worth Rp 17.3 trillion (US$1.28 billion) to Wika Gedung as the latter was deemed to be better equipped to manage and complete the projects, Wika finance director Steve Kosasih told reporters on Friday.“We chose Wika Gedung because it has proven to be able to complete projects effectively and efficiently,” said Steve, who also serves as Wika Realty commissioner.Among the projects are Tamansari Swara apartments and Tamansari Kencana apartments in East Jakarta and Bandung, West Java, respectively. The construction costs for the respective apartments will reach Rp 242 billion a...