The publicly-listed property developer said the Jakarta provincial government, which has long been seeking to normalize the river through the Ciliwung River Naturalization Program, has welcomed the plan.
The plan to naturalize the river will be implemented in the first quarter of 2021, PT Urban Jakarta Propertindo Tbk's president director, Bambang Sumargono, said.
"Our plan has received a positive response from the Jakarta provincial government," he told local journalists in Jakarta on Wednesday.
The Ciliwung River area that would be naturalized under the project would cover about 30 meters in width and 500 meters in length. It would later be used to develop a promenade, riverfront sidewalk, water-based tourist site, park, and culinary center, he informed.
To carry out the river naturalization, the URBN will collaborate with a team of hydrologists from the Bandung Institute of Technology (ITB), he said adding, the Ciliwung riverbank would also be developed as a terrace and conservation area under the JRC project.
Considering the Jakarta administration's ban on skyscrapers using ground water for drinking, the URBN would install its own drinking water supply system by exploring the Ciliwung River's water sources.
The ITB hydrologists believe it would be possible to maintain the river's flow rate at a desired level, including during the rainy season, Sumargono said. At present, the Ciliwung River's current is strong as a result of its narrow width, he added.
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Speaking about the Jakarta River City (JRC) project, Sumargono said the URBN has worked on it through a Rp633-billion acquisition process.
The company will develop the land it has acquired into a transit-oriented development (TOD) concept-based residence, and supports the city government's Naturalization Program of the Ciliwung River, which is located next to the area.
Two months after the acquisition, the company's shareholders decided to increase the authorized capital and paid-up capital of PT Jakarta River City (JRC).
The decision has resulted in an increase in JRC's authorized capital from Rp4.033 trillion to Rp6.033 trillion, while its paid-in capital has gone up from Rp1.130 trillion to Rp2 trillion, Sumargono revealed.
He estimated the capitalization of the JRC project, due to be officially launched in the first quarter of 2021, could reach Rp 12trillion, with a development period of 10 years.
"Based on the current composition of the JRC shareholders, URBN has 51.01 percent of shares, and the remaining 48.99 percent of shares belong to PT Wijaya Karya Realty," he added.
ANTARA has reported that the Jakarta provincial government has been striving to implement the Ciliwung River Naturalization Program over the past few years so that the river's overflows can be mitigated, its water current slowed, and the natural ecosystem preserved.
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Translator: Ganet Dirgantara, Rahmad N
Editor: Yuni Arisandy Sinaga
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