The chief of Majestic
Land property developer has announced works on a portfolio of new property
projects for the upcoming five years, beginning this year.
The
projects are worth Rp40trillion ($3.45billion) and will involve the development
of residential, commercial and hospital buildings.
Majestic
Land are optimistic the property business will maintain good prospects. Which
is why they have continued to expand into differing property segments.
One
project includes apartment development in Yogyakarta where the company are also
aiming to develop a condominium hotel to be titled the Best Western Condotel upon
1,682 square metres of land.
According
to Majestic Land, of the 124 fully furnished condotel units still under construction,
89% had already been sold. It is not unusual for property developers to sell
units of a project prior to completion of construction, to aid in financing the
development. The new property unit owners are to take possession in the next 15
months.
Other
Majestic Land projects include a condotel in Bandung, West Java, as well as an
office tower in Jakarta, plus a villa development project in Bali. These
projects all differ in value, with the major one being the office tower in
Jakarta, estimated to cost Rp870billion.
Majestic
Land also develop property elsewhere in Asia.
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