Aug 30, 2016

    $1.4b Batam towers to be taller than S'pore's


    THE Meisterstadt Superblock in Batam with a total investment of US$1 billion (S$1.4 billion) has begun construction, where the towers are designed to be taller than those in Singapore.

    The project belongs to former Indonesian president B. J. Habibie and his family, in cooperation with Pollux Properties.

    Pollux Habibie International commissioner Ilham Akbar Habibie said in the project's groundbreaking ceremony last week that the property business was new for the family.

    But after seeing the enthusiastic response to Meisterstadt Batam, he was optimistic that the superblock could be Batam's new icon.

    "Meisterstadt towers would be built taller than towers in Singapore. So those in Singapore will be able to see Meisterstadt from there.

    "We hope obtaining the permits to build these tall buildings will be smooth," said Mr Ilham, oldest son of Habibie, during a press conference at the Radisson Hotel in Batam.

    He added that the 1,300 units on offer since January in the first phase of the superblock were all sold out.

    Marketing data showed 80 per cent of buyers were Batam folk, 10 per cent from Jakarta, 5 per cent from other big cities in Indonesia and about 5 per cent from Singapore and Malaysia.

    He said his extended family members, including his father Habibie, owned 49 per cent of the project while 51 per cent belonged to Pollux Properties.

    The first phase of the project is targeted to finish in 2019.

    The entire project is slated to be finished by 2024.