Low cost housing in Jakarta

4 March 2003 21:41 - BAM International bv

Interbeton has started the Low Cost Housing project in October 1998. Then a plan was developed for construction of approximately 3,000 apartments. A request for a contribution from the Export Financing Arrangement Indonesia [EFI] was forwarded to Senter in August 1999.

The contribution was approved in December 1999 under the condition that a formal contract and financing for the local part [65% of the contract value] was presented to Senter before 19 May, 2000, extended to 30 October 2000, till 1 March 2001 and finally till 31 October 2002. It took a while to find the sound financing [that's why all these extensions], but finally we managed to present the requested documents to Senter on October 30, 2002. One day ahead schedule. Today, November 11 2002, we received formal approval from Senter to our submitted documents. Now the works can start.

The project consists of the construction of 46 buildings, each 5 floors, measuring 7.75x48.2 meters. Good for 60 apartments per building. The contract value is Euro 20,390,000. The contract period starts early 2003 and shall be ready in two years.