"Demand for property this year is predicted to continue going up," Artadinata Djangkar, director of PT Ciputra Property, said here on Thursday.
He said the growth was related to a downward trend in the interest rate on credit for property development which began in 2011 and was expected to continue in 2012.
Robust growth in the property sector was also predicted to occur as a result of solid national economic growth.
"The global economic slowdown has not reached Indonesia," he said.
Artadinata said a property business boom occurred in 2011 which was experienced not only by Ciputra Property but also by other property development companies.
Citing an example, Artadinata said Ciputra World Apartments in Jakarta was valued at Rp22 million per square meter in 2011 but the figure had increased to Rp28million by the end of the year and to Rp31 million in early 2012.
Artadinata also said PT Ciputra Property was focusing on developing commercial properties in Indonesia`s major cities and it was now implementing three projects, namely Ciputra Jakarta Mall and Hotel in Jakarta and Semarang, and the Somerset Grand Citra Service Residences.
Besides, the company also had a 12-hectare plot of land on Jalan Prof. Dr. Satrio in Jakarta to be developed in four phases, starting from the Ciputra World Jakarta 1 (5.5 hectares) and continued with the Ciputra World Jakarta 2 (3.1 hectares ).
"Ciputra World 2 will become a superblock with more green space areas that are different from Ciputra World one that is very commercial," he said.
(A050/H-YH)
Editor: Ella Syafputri
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