Lippo Cikarang offers new residential estates

The Jakarta Post

PT Lippo Cikarang, a publicly listed real estate developer, has launched its latest landed residential development, Vassa Residence.

President director Loh Meow Chong said Friday that his company was hoping to sell 400-500 houses by the end of the year.

He added that the company, which this year has built 10 estates comprising 600 houses in Cikarang, West Java, had sold 360 houses as of the end of October.

"We hope that the launching of the Vassa Residence's two estates will help boost sales until the end of the year," Loh said during the launching of the Vassa Lake and Vassa Wood estates.

Product division head and general manager of Lippo Cikarang, Endang Sutrisna, said that the company had built 65 houses as part of the first phase of Vassa Lake, and 104 houses in Vassa Wood.

"We've been marketing Vassa Lake houses for a year and so far have sold 25 of them. Vassa Lake's construction is still ongoing and we hope to finish it next year," he said.

He said that the Vassa Lake and Vassa Wood homes were aimed at top-end buyers, with a home in Vassa Lake costing more than Rp 1 billion (around US$107,000) and one in Vassa Wood between Rp 500 million and Rp 600 million, he said.

"We will also build a toll exit next year to connect the developments to the Jakarta-Cikampek tollway," Endang said, adding that the company also planned to develop a commercial center for the developments on a 100-hectare site.

Vassa Residence is Lippo Cikarang's 30th residential project. The company has built more than 8,000 houses on its 3,000-hectare site in Cikarang since 1991. Of these, 80 percent are aimed at low and middle-end buyers, and 20 percent at top-end buyers. (JP/tif)