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Podomoro Plans Rp 4.5t Orchard Park Batam Project

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Agung Podomoro Land, one of Indonesia’s largest property companies, will kick off its super block project in Batam, Riau Islands, with a total estimated investment of Rp 4.5 trillion ($414 million).

“On this project we are planning to build apartment building, office, houses and other facilities,” said Wibisono, head of investor relations at Agung Podomoro.

The project, to be called Orchard Park Batam, will have 1,100 units of houses, 100 apartment units and 70 shophouse units, as well as other facilities.

Indra Widjaja Antono, vice president of corporate marketing at Agung Podomoro, said economic growth in Batam would be adequate to support the success of the project. Batam is near Singapore and is a popular holiday and business destination for people from the city-state.

“We see Batam as a good location for property development because of its potential. It has 7 percent economic growth and is expanding as an industrial area,” Indra said, adding that Orchard Park will be located close to an industrial estate that houses many multinational companies and their foreign workers.

“We are building it with a lifestyle concept that is similar to that in Singapore, as we want a lot of Singaporeans to come to Batam,” Indra said.

Agung Podomoro has several ventures outside Jakarta as part of its strategy of acquiring projects in second-tier cities to ensure continuous growth.

Earlier this year, the company launched another super block in Balikpapan, East Kalimantan.

Agung Pomodoro said that within a week of launching, 30 percent of the total units in two apartment towers that are part of the Balikpapan project were sold.

So far this year, the company has acquired majority ownership in four projects for a combined Rp 856 billion. The acquisitions include a 5.2-hectare project in Medan, North Sumatra, to build a super block consisting of apartments, office towers, hotels and a shopping center.

The company also bought a 60 percent stake in a 1.6-hectare project in Simprug, South Jakarta, to build 520 apartment units and a commercial area. If all its apartment units are sold, the Simprug project will generate Rp 1.3 trillion in sales revenue for Agung Podomoro.

Bank Indonesia increased its interest rate to 7 percent on Thursday, a move likely to impact interest rate-sensitive sectors, including property.

Shares of Agung Podomoro fell 5.4 percent to Rp 265 on Friday in Jakarta, ending a 7.7 percent gain over the previous three days. The main index gained 2.2 percent. (Source : Jakarta Globe)

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