Adhimix to develop residential project

JAKARTA. Publicly listed precast and ready-mixed concrete producer Adhimix Precast Indonesia is moving into the property business by developing a Rp 350 billion (US$29.44 million) high-residential project through its newly established subsidiary PT Buana Sabbas Fattah (Busafa).

Busafa director Heriyadi Anto said on Wednesday that the project, located on Jl. Sudirman in Tangerang, Banten, started construction in January and would be launched in September, to tap into opportunities from the nearby Soekarno-Hatta International Airport.

The project will host a total of 650 condominium and condotel units — operated by French-based company Golden Tulip.

The company is aiming to sell 90 percent of the units before the launch, to generate up to Rp 400 billion in sales. About 50 percent of the units have been sold so far.

Of the total of Rp 350 billion needed to finance the residential project, 60 percent came from a bank loan, 30 percent from the company’s internal cash, while the rest came from sales.

The project is Adhimix’s first high-residential project and Busafa’s first project.