TEMPO.CO, Surabaya - The city of Surabaya, East Java, will see its first central business district worth Rp 3.8 trillion (US$292.3 million), whose construction is expected to commence in January 2016.
The new central district in the second largest city in Indonesia will be developed by state-owned contractor PT Waskita Karya Realty (Waskita Realty), in collaboration with PT Darmo Permai. The office park and an international-scale apartment will be named the “88AVENUE”.
“Surabaya has a huge potential, because it’s Indonesia’s gate in the eastern part of the country. The city is also the center of logistics supply,” Waskita Realty president director Didit Oemar Prihadi said on Wednesday, December 2, 2015.
Didit added that his company had set a target to develop Surabaya as an international city. As Waskita Relaty’s first project in East Java, the central business district will be built on an octagonal land with a size of 34,088 square meters. Waskita Realty and Darmo Permai will maintain a joint cooperation scheme for the project.
The 88 Avenue will consist of 8 towers offering function, aesthetic, and unique choices.
“The groundbreaking stage will be conducted in January 2016, and the construction is expected to be completed by 2018 with 150 SOHO units and 500 residences,” Didit said.
Waskita-Darmo Permai joint operation managing director Kevin Sunjoto added that the 88AVENUE’s concept would be adjusted with the City master plan to welcome the ASEAN Economic Community (AEC) implementation.
“With the approaching AEC, Surabaya needs a complex that accommodates businesses,” Kevin said.
Kevin revealed that the 88AVENUE would target expatriates living in the capital city of East Java.
“About 10-15 percent of Soho Tower buyers are expatriates who open their businesses in Surabaya,” Kevin said.
ARTIKA RACHMI FARMITA