Pollux Chadstone, Indonesia's latest mega-superblock continue to inaugurates 2 Office Towers even as pandemic looms over property sector
WEST JAVA, Indonesia, June 11, 2020 /PRNewswire/ -- PT Pollux Aditama Kencana, a wholly owned subsidiary of the publicly listed property developer PT Pollux Properti Indonesia Tbk, is making headway to complete a 300.000 m2 mixed use development which would be the largest and tallest integrated development located in Cikarang, West Java. The development comprises of 4 towers of 45 stories condominium tower, a shopping mall, 2 blocks of office tower, a 4-star hotel and a hospital tower. PT Pollux Properti Indonesia Tbk is Indonesia's leading property developer, listed in the Indonesia stock exchange, with a market capitalisation exceeding US$4 billion.
The company held a soft opening of the superblock's East and West Office Tower on Monday, 8 June 2020.
"With the inauguration of the East and West Office Tower, the development is ready to provide full support to the business community in West Java, particularly those who are working at Cikarang. Cikarang is home to thousands of multinational corporations with manufacturing facilities, and after the pandemic is over, we are confident that these spaces will be fully leased," said Ex-Chief of Indonesia National Police Force, Gen. (ret), Timur Pradopo, who is also Pollux Commissioner, in a statement on Monday.
The COVID-19 pandemic, which has infected millions of people across the world has caused major disruption to its economy. Various sectors have been hardly hit, especially property. A recent report from Jones Lang LaSalle stated Global Capital Flows showed a decline in the transaction volume of real estate in the Asia Pacific region by 26 percent to US$34 billion during the first quarter of 2020.
Pollux Chadstone CEO, Yanto Zefania, said, "That this is a very challenging times but it is critical to be well prepared for the property upcycle after the pandemic is over." Yanto strongly believes that property investors should look at longer term horizon as Indonesia is predicted to be the 4th largest economy in the near future. He stresses that he has been working hard together with all stakeholders including the development of main banker, Bank BTN, which has been very supportive to complete this US$500 million worth mega-superblock project — the largest of its kind in West Java, Indonesia.
"PT Pollux Aditama Kencana predicts that the company's earnings from the recurring income component would increase substantially as soon as the COVID-19 infection flattened and the economy has returned to normal — through the opening of several building components and facilities within Pollux Chadstone, such as the Pollux Mall, Louis Kienne Hotel, Service apartment tower and office tower. The hospital tower will be the last one and is scheduled for completion in 2022," he said.
When it is fully operated, the mega-superblock Pollux Chadstone is expected to become a Landmark which will echo the new lifestyle of today's modern millennials. Convenience, connectivity and entertainment is key criteria of Indonesia's rising middle class home buyers.
"Aside of being an integrated development with various kinds of facilities, Pollux Chadstone boast its excellence location. It is situated next to the West Cikarang toll gate. The apartment price has appreciated significantly during the last 24 months due to major government spending in infrastructure works such as the elevated toll road which eases traffic significantly," he concluded.
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