Publicly listed PT Ciputra Property (CTRP), a subsidiary of the Ciputra Group, announced on Wednesday plans to develop a resort complex located in the country’s most popular tourism destination, Bali, and two more superblocks located in Jakarta.
According to CTRP president director Chandra Ciputra, the resort in Bali would consist of five hotels with five-star service, a shopping mall and an art center, on approximately 80 hectares of land.
“We are expecting to start construction next year,” Chandra said on the sidelines during the company’s ground breaking of office tower construction for Ciputra World 2 on Wednesday.
Chandra said that the Bali project would cost more than Rp 3 trillion (US$312 million).
The planned resort will be the company’s first tourism-related project. CTRP’s development portfolio consists mostly of superblock development, which covers hotels, office buildings and shopping malls.
“This [resort] is an important step and a breakthrough project for us,” CTRP director Artadinata Djangkar said.
Besides the Bali resort, CTRP is also planning to develop two superblocks located on Jl. T.B. Simatupang in South Jakarta and Jl. Puri Indah Raya in West Jakarta.
CTRP is currently developing a megaproject called Ciputra World, which will have a total of 15 towers. Ciputra World, integrated residential and commercial blocks on Jl. Prof. Dr. Satrio, will be developed in three complexes. CTRP is currently completing Ciputra World 1, which consists of a mall, apartment, hotel, premium apartments, offices and a museum on 5.5 acres of land. The construction began in 2008 and is expected to be completed later this year.
As Ciputra World 1 will be completed soon, CTRP has started the development of Ciputra World 2, which will have two residential towers, one hotel tower and one office tower on a 3.1-acre land. CTRP broke ground on Wednesday for the development of the office tower, which will have 45 floors with a strata and lease marketing system. The office tower development will cost Rp 1 trillion and is expected to be completed by the end of 2015.(Jakarta Post)