JAKARTA (TheInsiderStories) – PT Adhi Commuter Properti, unit of state-own company PT Adhi Karya Tbk (IDX: ADHI), has acquired PT Mega Graha Cipta Perkasa (MGCP) in Bogor, West Java for Rp232 billion (US$16.57 million), an official told the media on Tuesday (10/30). The project will transform to become transit oriented development (TOD) project.
Currently, unit of other property developer, PT Cowell Development Tbk (IDX: COWL), hold Grand Central project in Bogor. It said, the company would take over all MGCP shares, owned by PT Mahkota Berlian Cemerlang and Sapri.
ADHI’ spokesman, Parwanto Noegroho revealed, the unit plans to build 22 floors-apartment with 833 units of house and 24 units of shophouse in the Grand Central Bogor. The project is part of a mix of integrated public transportation and residential services.
Recently, CEO of Adhi Karya, Budi Harto said, there are 18 TOD projects along the light rapid transit (LRT) lines. Adhi Karya also has received the payment of the LRT Phase I worth of Rp1.4 trillion from its partner, PT Kereta Api Indonesia (KAI) based on the progress of the work from October 2018 to March 2019.
The lines has been built since Sept. 1, 2015 with total costs of Rp22.8 trillion. Now, the developer on preparing stages to build LRT lines form Cibubur in East Jakarta to Bogor starting 2021.
According to Harto, for the LRT Phase II, the costs more cheaper, because most of the rail build on the land. The lines have length more than 25 kilometers with an estimated investment of Rp10 trillion. As for LRT Jabodetabek, other shareholder, KAI has test the locomotives and carriages made by PT Industri Kereta Api (INKA).
“We expect in the beginning of 2021 the LRT in full operation,” said Harto.
In addition to the LRT projects, currently, Adhi Karya is conducting a study to create an loop line (elevated railway) around the Jakarta region to reduce the congestion between the road and the train door. The elevated railway is planned to be built 20 kilometers with an estimated investment Rp15 trillion.
This year, Adhi Karya plans to build 18 TODs along the LRT lines. The project is planned to be carried out by the unit. The unit has been injected with an initial capital Rp2 trillion.
These investments will be funded from various sources such as the establishment of equity funds, bond issuance at the end of this year, list it subsidiaries shares and a capital injection from the government. Adhi Commuter Property planned to go IPO in the first quarter of 2020.
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