Indonesia Ciputra eyes 1.2 trln rph projects-paper

Reuters - 2006-12-28 14:26:21

JAKARTA, Dec 26, 2006 (Reuters) - Indonesian property developer, PT Ciputra Development Tbk (CTRA.JK: Quote, Profile , Research), plans to build 1.2 trillion rupiah ($132.2 million) worth of projects that were delayed by the Asian economic crisis, a local newspaper said on Wednesday.

Investor Daily reported Ciputra finance director Tulus Santoso as saying the firm, through its subsidiary PT Ciputra Adigraha, plans to develop a shopping mall, a hotel and an apartment building in Jakarta in the first quarter of 2007.

Ciputra started the project in 1996 but the economic crisis in 1997-1998 forced management to halt development.

"After several delays, the management decided to continue the projects," Santoso was quoted by the business newspaper as saying.