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Agung Podomoro Expands Hotel Investments In West Bali
02/16/2012

An estimated Rp 400 billion or $44.4 million is needed to be spent by Agung Podomoro, a property developer, in order to purchase a hotel in West Denpasar Bali. However, Agung Podomoro Bali is still mum as to how it will support this amount.

"We will acquire a hotel in Bali," said Indra Wijaya, Vice President of the company.

This plan of the company will be in cooperation with other investors from Surabaya wherein it will own 51 percent of the hotel and the rest will be controlled by the investors. It is said that the hotel will be erected on a four-hectare land in Seminyak village and will be acquired through the Agung Unit Agung Podomoro Land.

Indra also revealed that Agung Podomoro plans to construct a property project in Makassar in South Sulawesi. It may be recalled that the company indicated last year that it will be setting aside Rp 3 trillion for its projects this year.

This is not impossible as Agung Podomoro Land has risen 6.1 percent to 350 Rupiah. This has been the highest increase since December 13. This may be attributed to Indonesia's economy having grown by 6.5 percent last year.

This move by Agung Podomoro will definitely boost Bali tourism. It will be an addition to the west Bali hotels, in particular, and Bali hotels, in general. Bali accommodation will improve in order to support the influx of tourists especially in the coming summer.