PP Properti to Market TOD Project at Juanda Station in Second Half of 2018

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Photo: twitter.com/kemenhub151

JAKARTA, presidentpost.com – PP Properti Tbk (PPRO) is still waiting for the licensing completion for the project of Transit Oriented Development (TOD) which is integrated with the mass transportation mode. The company cannot yet start the construction or market the project before the permit is issued.

Director of PP Properti Galih Saksono said that the marketing of the vertical housing project, to be built in the area of Juanda Station, will be done after the building permit (IMB) is issued. “We are still in the process of taking care of the permit,” he said on Thursday (2/15).

Although has yet to be marketed, Galih said, PP Properti started to test the market in the fourth quarter of 2017 after conducted a groundbreaking ceremony. According to him, the market response to the project was so good that the company keeps trying to complete the building permit immediately.

Galih added that the project development would not need a long time, but the time needed to get the building permit in Jakarta is indeed relatively long, about six to seven months. “We are taking care the regular IMB permit.”

The groundbreaking for the vertical housing project to be built in the area of Tanah Abang Station has also been done at the same time with the Juanda Station project, but it will be built and marketed next year. Galih said he will focus on the Juanda Station project first because the market response has been very good.

According to Galih, the prospect of developing the property business with TOD concept will increasingly in demand in the future, because the location is close or integrated with the mass transportation mode so that it will become a necessity in big cities.

In addition to Juanda Station, PPRO will also develop a TOD-based project in Jababeka under the cooperation with PT Grahabuana Cikarang. They will build a mixed use complex that covers apartment and commercial area in the form of Japanese concept mall. The project, adopting the concept of little Tokyo, is planned to be marketed in the second half of 2018.

“The project in Jababeka will be a TOD-based development, which will be connected to the Jakarta-Bandung speed train and complemented with other transportation modes from and to the other regions,” Galih said. (KTN/TPP)