JAKARTA: PT Bakrieland Development Tbk, a developer, prepares IDR1.5 trillion to realize property projects and the supporting infrastructure to anticipate the growth prospect of property sector in 2011.President and CEO of Bakrieland Hiramsyah S. Thaib said that the fund is part of the project cost about DR2.5 trillion to boost property's revenue up to 30%-50% from revenue in 2010.According to him, with IDR1.5 trillion allocation, the company is targeting revenue in the property sub-sector to grow between IDR1.7 trillion and IDR1.9 trillion by 2011."We prepare a project cost up to IDR2.5 trillion for next year. About IDR1 trillion will be used to finance the construction of Ciawi-Sukabumi and PejaganPemalang toll roads. Meanwhile, IDR1 trillion to IDR1.5 billion is allocated for project cost in property sector," he said, today.Next year, the company will still concentrate in completing the Rasuna Epicentrum block in Kuningan, South Jakarta. The superblock which is estimated to cost IDR3.5 trillion investment and built on 44.7 acres area is expected to give a certainty to the cooperation in first quarter of 2011.Bakrieland will still hold a collaboration with Limitless to carry on the the project, which is one of its strategic partners from Dubai, United Arab Emirates."The allocation for Epicentrum in 2011 will be set around IDR400 billion or more than 30% of the total project cost for the property sector. This allocation is the largest compared to the allocation for our other property projects."Currently, in Rasuna Epicentrum area, there is Bakrie Tower office building, Epicentrum Walk and Lifestyle Center. "The second largest project cost will be allocated to the property project in Bogor," he said.In Bogor, Bakrieland has completed two property projects, namely Aston Bogor Hotel & Resort valuing IDR250 billion and Grand Harmony Cluster in Bogor Nirwana Residence area valuing IDR400 billion. However, he didnt detail out the allocation cost for projects in Bogor. (T06/NOM)
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