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Details Lacking on Major Hotel Development Planned by Agung Podmoro Group in Seminyak, Bali

(2/17/2012) The Jakarta Globe reports that the Agung Podomoro Group, a major Indonesian property developer, is planning to purchase a hotel in Seminyak, Bali with a value of Rp. 400 billion (US$44.4 million).

The name of the hotel remains undisclosed, as does how the Group plans to finance the purchase. The Company’s Vice-President, Indra Wijaya, told the press the hotel would be developed with an investor from Surabaya, with his company taking a 51% interest in the project.

The hotel will be established on a 4-hectare site where they will acquire an existing hotel and expand its operations.

The Agung Podmoro Group recently announced plans to invest Rp. 3 trillion (US$333 million) in various projects nationwide.