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Mandarine teams up with national group for Batam reclamation

16 November 2017 04:03 PM  Company: PT. Hotel Mandarine Regency Tbk[HOME]
Rp. 123  +5 (4.24%)

JAKARTA – PT Hotel Mandarine Regency Tbk (HOME) plans to team up with a major national group for Batam reclamation. Mandarine’s subsidiary namely PT Warga Tri Manunggal (WTM) has a land bank of 26 Ha di Nongsa, Batam Island. Approximately 20.26 Ha has the rights to build (SHGB) while the rest 5.74 Ha in a form of beach doesn’t have SHGB.

The company plans to reclaim the 5.74 Ha beach to earn SHGB and would need approximately Rp 4 billion - Rp 7 billion. According to the stipulation from Otoria Batam, the land must be built within one year.

“We have discussed our cooperation, but we have not made any decision right now. Sometimes they also considering the majority and minority,” explained Ardi Syofyan as Finance Director of Hotel Mandarine Regency.

One of Mandarine’s strategy is the Inbreng option with one National Group that is developing an integrated tourism project near Mandarine’s land. The Group has various facilities such as golf course, hotel, outbound area, etc. One of the national group that has huge potential to collaborate with Mandarine is Sinarmas Land Group. (LM)

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PT. Hotel Mandarine Regency Tbk [HOME]   Rp. 123   +5 (4.24%)