TOTL eyes South Jakarta land, allocates Rp 30b
The Jakarta Post, Jakarta - 18/01/2011
PT Total Bangun Persada Tbk (TOTL) is seeking land to construct office buildings in South Jakarta and has allocated Rp 30 billion (US$3.2 million) for the project, the company announced Tuesday.
The funds would be taken from the company’s internal cash account, TOTL corporate secretary Elvina Apandi said as reported by kontan.co.id.
The Jakarta office building will be the company’s second large-scale project following the construction of a “condotel” in Tanjung Benoa, Bali, which is scheduled to be complete in March.
The condotel, handled by its subsidiary company, PT Total Persada Development, has already generated Rp 50 billion in presales.