Following the release of international property consultancy firm Knight Frank’s latest Prime Global Cities Index, Jakarta has once again been named the world’s hottest luxury market. Indonesia’s capital city saw upscale real estate prices increase by 27.3% year on year as of June 2014 – a rise nearly 4% greater that that of second-ranked Dublin at 23.5%.
On 15th February 2014, Buana Pacifik International kicked off the start of a busy year in the ongoing development of its marquee properties with the much anticipated ground breaking of Gayanti City. Attended by a host of selected investors and esteemed members of the local and international property community, the ceremony marked the start of a construction period on course for completion in December 2016.
On 27th November 2013, Buana Pacifik International and Jones Lange LaSalle hosted a pre-launch gala for Gayanti City at the Hyatt Hotel in Jakarta. In anticipation of the project’s ground breaking ceremony scheduled to take place in early 2014, the event was billed as a celebration of Gayanti City’s success thus far in introducing new and unique concepts to Indonesia’s fast developing luxury property industry.
In July 2012 Buana Pacifik International finalised its team of consultants with the decision to hire Jones Lang LaSalle as sole marketing consultant for the Gayanti City project. In keeping with their commitment to only working with the best, BPI plans to tap into the internationally recognised commercial real estate firm’s extensive expertise by entrusting it with project marketing design as well as with producing press releases and carrying out market analysis
Following quickly on the heels of land acquisition, Buana Pacifik International obtained the necessary permits to begin the construction of Gayanti City in mid-2012. With the building permit (Ijin Mendirikan Bangunan, IMB) in hand, the group has the unimpeded right to begin construction in accordance with their legal status as holders of the renewable leasehold land title
In Q4 2011, Buana Pacifik International (BPI) successfully acquired a 15,193 m2 land bank located in Gatot Subroto and within close proximity to Jakarta’s Golden Triangle; the hub for business in Indonesia. As the property’s dedicated developer and principal representative for the group of vastly experienced investors backing the project, BPI upon completing the land acquisition process commissioned a feasibility study undertaken by Colliers International