SURABAYA: PT Bukit Darmo Property Tbk, Surabaya-based property developer, allocates IDR200 billion to continue the construction of five-star hotel in West region of Surabaya.Such hotel will be integrated with Lenmarc shopping mall and The Adhiwangsa apartment, its engineering design phase has been completed, Bukit Darmos President Director Philip Tonggoredjo said.Up to now, the budget comes from company capital and affiliated group, he said after attending shareholders meeting in Surabaya, today.Melia Adhiwangsa Hotel Surabaya has 300 rooms and designed according to the standard of Sol Melia Group, a Spains hotel chain.Besides that, the company in another pilot project plans to build hotel in Denpasar, Bali, using internal cost and affiliated group. It will propose bank loan if it needs more fund. We prefer to lend from national bank rather than foreign bank, he added.BKDP-coded company revenue declined by 45.54% during first quarter 2011 or only IDR21.33 billion, which was lower than IDR39.17 billion in same period previously.Such decline derives from apartment revenue that reached only IDR15.25 billion. However, mall lease increased to IDR6.08 billion while marketing service hasnt contributed to the revenue both in first quarter of 2010 and 2011. "In first quarter of 2010, IDR39.17 billion revenue achieved from apartment sales."The companys financial statement released in the information disclosure at Indonesia Stock Exchange (IDX) shows that it posted an increased of operating expenses in first quarter of 2011 to IDR11.51 billion from IDR4.07 billion from same period in 2010. (t06/msw)

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