Indonesia Expat

St. Regis Residences Jakarta Held Topping Off Ceremony

St. Regis Residences Jakarta Held Topping Off Ceremony

St. Regis Residences Jakarta has reached its topping off stage and celebrated it while also commemorating the Anniversary of Indonesia’s Independence Day on 17th August.

The procession of covering the roof is marked by casting cement after raising the red and white Indonesian flag while singing along to Indonesia Raya, the country’s national anthem, on the 65th floor.

President Director of PT Permadani Khatulistiwa Nusantara (PKN) Ferry Maruf said that structurally, construction progress has reached 70 percent. With significant progress, the company is optimistic that all construction can be completed in early 2022 then gradually handed over to consumers.

“The remaining 30 percent of the final stage involves installing facades, glass, marble floors, and other interior fittings,” Ferry said.

Ferry admitted, the COVID-19 pandemic had hindered progress from March to June 2020, following closed international borders to get supplies imported from China and Italy and the DKI Jakarta provincial government’s large-scale social restrictions (PSBB) enforced. At least 60 percent of St. Regis Residences Jakarta’s physical structure is imported.

We import marble from Italy, while the facades are imported from China,” said Ferry

At last, work resumed when PSBB entered its transitional period allowing a capacity of 50 percent of the total 3,000 workers. Ferry asserted that construction costs were not affected during the three-month hiatus. Instead, a decline in costs happened.

The COVID-19 pandemic had graced an opportunity for the upscale property market as stated by Senior Vice President of Sales & Marketing at Rajawali Property Group Swanny Hendrarta.

“In March-July, six units were sold. We have not decided to raise the selling price even though the physical construction has closed the roof,” Swanny explained.

Of the total 195 units offered, around 90 units are now bought with about 95 percent being Indonesian. Swanny is optimistic that all units of this property will sell out, especially considering the Omnibus Law Bill that could potentially allow foreigners to buy housing with the Building Use Rights (HGB) status.

Each apartment unit is designed with an area of between 355 to 373 square metre or a typical three-bedroom. Therefore, the selling price for the smallest unit is around Rp25 billion. Moreover, prices start from Rp65 million per square metre for the low zone, Rp67 million per square metre for the mid zone, and Rp70 million square metres for the high zone.

The St. Regis Residences Jakarta is part of the multi-functional Rajawali Place project. This building will also be connected to The St. Regis Hotel Jakarta and an office building that will serve as the headquarter of the Rajawali Group all located in one complex.

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