JAKARTA. PT Island Concepts Indonesia Tbk (ICON) will launch its Beach Club project in Bali in 2020. The investment for the project is estimated to reach Rp 50 billion.
Triyono, Director of ICON, said that his party had carried out the groundbreaking of the project, which will be built on a 1-hectare area. The Memorandum of Understanding (MoU) for this project has also been signed with ICON business partners on 24 July 2019.
"The construction progress has reached 25%, and it can be operational by mid-2020," Triyono said when met by idnfinancials.com on Friday (6/12).
ICON also plans to build a hotel on an area of 1.2 hectares in Bali, at the same location as the Beach Club. The scheme used by ICON for the Beach Club is land leasing.
The company leases its land to PT Lokal Kulture Kreatif Abadi for 5 years, and the contract can be extended after the contract period expires. In addition, the company will also receive a revenue share of 5% of the total EBITDA of the Beach Club. (KR/AR)