Traditional cosmetics company PT Mustika Ratu plans to spend 262.3 billion rupiah ($23.18 million) to develop property projects on the outskirts of Jakarta, CEO Putri K. Wardhani said.
Construction is expected to start by the end of this year or early 2015, she added. The firm plans to develop warehouses and apartment blocks on its 10.9 hectares of land in the location. The firm will also develop hotels in Jakarta, Solo, and Semarang in Central Java province. (Kontan)
Note: Reuters has not verified this story and does not vouch for its accuracy.
$1 = 11,316.5 Indonesian Rupiah Compiled by Jakarta Newsroom; Editing by Anupama Dwivedi