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State-owned retailer PT Sarinah Persero plans to expand by
developing apartments, hotels and office buildings on its sites in
Jakarta, Bandung and Bali.
"We will maintain our focus on the retail business, but we will
optimize the use of our land resources by constructing hotel
and office complexes," Sarinah president director Ketut Arnaya said at
a ceremony Thursday in Jakarta marking Sarinah's 44th
anniversary.
Ketut said that Sarinah would transform its 2.4-hectare site on Jl.
M.H. Thamrin, Central Jakarta, into the Sarinah Square,
consisting of a hotel, apartments, multistory parking garage and an
office complex.
Due to its strategic location in the heart of Jakarta, Sarinah Square,
to be built at a total cost of Rp 200 billion (about
US$21.6 million) would become a new center for business and trade, he
was quoted by Antara as saying.
The construction of the Sarinah Square development would commence in
2007, starting with the multistory parking garage, to be
followed by the apartment complex, and then by the hotel and the
expansion of the existing shopping area, he said.
State enterprises consultant PT Yodya Karya Persero will design the
overall development, which still needs the approval of
the state minister for state enterprises, he said.
In addition, Ketut said that Sarinah would use its 700 square-meter
site on Jl. Braga, Bandung, for the development of a
Regent Sari Pacific Hotel at a cost of around Rp 132 billion. The hotel
would be managed by the Accor Hotel group.
Ketut said the firm's Bali site in Kuta would also be redeveloped along
similar lines.
Even after the developments had been completed, Sarinah would continue
to concentrate on the retail trade and would "still
focus on the middle to upper-income brackets by providing segmented
products that are unavailable in other shopping centers,"
Ketut said, referring to Sarinah's position as Indonesia's largest
retailer of Indonesian handicrafts and batiks.
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