Royal Oak teams up Wika in IDR150 billion project

Wandrik Panca Adiguna
Wandrik Panca Adiguna - 10 Desember 2010  |  11:04 WIB

JAKARTA: PT Royal Oak Development Tbk is cooperating with PT Wika Realty in developing assets in Menteng, building residential and office area that values IDR150 billion.

President Director Royal Oak Subianto Satmaka said that the project will be developed through its subsidiary, PT Cosmo Menteng. A memorandum of understanding (MoU) has been signed on November 15, 2010.The project values IDR150 billion. Wika Realty will be a co-developer that will assist in constructing and marketing. The assets still belong to us, he told the press in a press conference today.He added that negotiation is expected to finish within one or two months, so by the end of January or the start of February the portion of earnings can be shared between two parties.At the same time, the company is seeking for new investors to cooperate in developing a resort area in Bali. The company also owns strategic properties in Canggu, Pecatu, Jimbaran, and Pejeng Ubud.Apart from property and real estate business, the company also works in financing business and insurance through its subsidiary, PT Transpacific Mutual Capita. However, the company released its entire stakes in PT Transpacific General Insurance, which equals to IDR5.97 billion.Meanwhile, working in insurance business, PT Transpacific Mutual Capita through its subsidiary PT Multicore Life Insurance has boosted its paid capital to IDR22.99 billion from IDR9.99 billion. (t04/wiw)

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