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Bali Hotel Building Boom Unlikely to Abate

Indonesia's Summarecon Group Planning $376 Million Resort Project in Bali

(6/8/2012) Property developer PT Summarecon Agung is preparing to begin building a resort in Bali at a cost of Rp. 300 billion (US$32.3 million).

As reported by Bisnis Indonesia, the CEO of Summarecon, Johannes Mardzuki, announced his corporation would develop a 10-hectare site bank financed through internal cash resources of the company and borrowed funds. Said Mardzuki: “According to plans, the source of the funds will indeed be a combination, but the percentage of cash and loans has yet to be fixed.”

He also revealed that the proposed project in Bali would include participation by the current owner of the land, with the Rp. 300 billion used wholly for the physical construction of the proposed resort.

Mardzuki underlined that Summarecon would maintain a majority share in the property, which represents the first foray into the tourism resort sector by the Jakarta-based developer.

“We have the land, but we are not able to fix the date when the project construction will commence as we are still in the permit application process,” he explained.

Summarecon is known for the development of mall projects and new town developments, namely Summarecon Serpong, Summarecon Bekasi and Summarecon Kelapa Gading.

The company is targeting 2012 sales of Rp. 3.5 trillion (US$376.3 million) from the three township developments.

The location of the proposed 10-hectare resort in Bali and the number of planned keys remain unspecified at this time.