JAKARTA - PT Indonesian Paradise Property Tbk (INPP) will build a Central Business District (CBD) project in Balikpapan, East Kalimantan, in the fourth quarter of 2024.
INPP President Director Anthony P Susilo said the property to be built first at CBD Balikpapan was a hotel.
"The land, right, is 8 hectares (ha) we start from the first phase, the simplest maybe we will build a hotel first, yes, there," said Anthony in Jakarta, Monday, January 29.
It is known, INPP itself has taken over the Balikpapan CBD project from Mitra Gemilang Mahakarya or MGM Land in 2022.
Anthony said that his party would turn the project that was right at Ruhui Rahayu, Sepinggan, and opposite to the Balikpapan Sport and Convention Center into a mixed use development.
Initially, the project was planned to be worked on by the end of 2022. However, the project was finally postponed because INPP again took over the problematic project, namely Antasari 45, now known as Antasari Place.
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"We consider that this project (Antasari Place) is quite valuable and very prospective for Paradise, therefore we focus on Antasari first," he said.
Meanwhile, Anthony said, tower one Antasari Place is targeted to be handed over in December this year.
On the same occasion, INPP Director & CFO Surina said the investment issued for the hotel project in Balikpapan reached Rp350 billion.
"We have budgeted around Rp350 billion because this is stage one, later there will be stage two," he said.
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