JAKARTA. PT Urban Jakarta Propertindo Tbk (URBN) has spent Rp 100 billion to develop commercial areas in Transit Oriented Development (TOD) projects.
Tri Rachman Batara, Business Development Director of URBN, said that the project was in line with the company's business focus this year. "Later, the station will be used by people, it will stay there, so we take over the commercial area from the very beginning," Batara said on Wednesday (17/4) as quoted by Kontan.
Batara added that the Rp100 billion was paid to PT Adhi Commuter Properti, as a down payment. In cooperating with Adhi Commuter Properti, URBN will have the right to resell or lease the commercial area.
"We pay the down payment so that it is not sold to others," Batara explained. (KR/AR)