Jakarta monorail project to be completed in 2017: Adhi Karya

Jakarta (ANTARA News) - Publicly traded construction company PT Adhi Karya Tbk said construction of Jakartas monorail project linking Bekasi-Cawang and Cibubur-Cawang will start in 2015 to be completed in 2017.

Construction of the Jakarta Link Transportation (JLT) will start in April , 2015 although it has yet to wait for the presidential regulation on monorail.

"With or without presidential regulation, construction will start in April 2015 and it is to be completed in 2017," president of the state construction company Kiswodarmawan, said after a shareholders meeting here on Thursday.

Kiswodarmawan said the presidential regulation serves only to facilitate realization as everything has been prepared.

A number of requirements for the execution of the project include ground plan and draft plan for execution,as well as operational right, business license, construction license and financial closing have been secured, he said.

"All licenses and approvals from the regulator have to be secured in the next year," he said.

The presidential regulation of which until now there has been no sign that it is about to be issued, will serve only as complement, as basically the monorail will be built under the Public Private Partnership (PPP) scheme, he said.

"With assignment from the minister of state enterprises , the project could be implemented. This a fact that we have to do," he said.

The project is owned by a consortium of four state companies PT Industri Kereta Api (INKA), PT Lembaga Elektronika Negara (LEN), PT Telekomunikasi Indonesia (Telkom), and PT Jasa Marga Tbk.

Based on the project master plan, which has been drafted and submitted to the government, the project will cost around Rp8.3 trillion.

"Bank loans make up 70 percent of the cost with the consortium putting up the remaining 30 percent in cash." Kiswodarmawan said.

The monorail will have at least 10 stations to be built in areas close to shopping centers, apartments and office complexes, Pundjung Setya Brata, a senior official of Adhi Karya, said.(*)