Plaza Realty Continues Project Bisnis Indonesia, page T3, 2006-03-07
In the middle of this year, PT Plaza Indonesia Realty will continue the development of Plaza Indonesia that was delayed by the monetary crisis with an investment of around US$ 250 million. The management will develop the building of that shopping central to 35,000 square metres built consisting of two towers, each for offices and luxurious apartments. The capital for the development is derived from its personal capital and bank syndicates. After the development of the new building, it plans to renovate the old building.
Plaza Indonesia Maintains Occupancy Level Above 97 Percent Bisnis Indonesia, page T5, 2005-06-22
Plaza Indonesia continues to improve its shopping area to maintain its 97 percent current occupancy level due to high level of competition among upper class shopping areas in Jakarta. Improvements in the plaza will include shop renovations and also classification of merchandise sold. Although the amount is still uncertain, it is estimated that renovation costs will reach millions dollars. Mainly, improvements are done so that Plaza Indonesia’s tenants do not shift the business to other upper class shopping plazas. Tenants pay a fee of US$ 50 to US$ 150 per square metre and the management usually increases the fee every five years. Despite continuing renovations of shops, the management of Plaza Indonesia targets a 100 percent occupancy this year. Plaza Indonesia also plans to manifest its grouping startegy to classify products offered in the plaza. This way, shopping will become easier and more organized.
