01 Apr 09 Project cleared by April 13th

Goed nieuws dat ik graag met jullie deel.

Emaar Lombok project to be cleared by Indonesian Government by April 13th

The Indonesian government has given itself time until mid-April to clear all bureaucratic obstacles to Dubai-based Emaar Properties LLC´s plan to invest Rp21 trillion (US$1.8 billion) in a vast tourism project in West Nusatenggara (NTB)´s Lombok Island, a provincial administration spokesman said.
Steps to speed up the settlement of a number of administrative matters in preparation of the United Arab Emirates company´s investment project were discussed at a meeting at the vice-presidential secretariat in Jakarta on March 20, said Andy Hadiyanto, the NTB provincial administration´s chief public relations officer, here Tuesday.

The meeting, led by two senior officials at the vice presidential secretariat, Muhammad Abduh and Sunaryo Sumeji, was held following Emaar Properties´ decision to extend the lead time for its investment project in Lombok island by three months as of March 19, 2009.

Present at the meeting were also NTB Vice Governor Badrul Munir, the secretary of the Central Lombok District Administration, Lalu Zubudi, and a number of relevant central and regional government officials.

“To speed up the process of accomplishing various yet-to-be settled matters, the meeting agreed to set April 13, 2009 as the deadline,” Hadiyanto said.

Among the processes that needed to be speeded up were the issuance of a decree giving PT Bali Tourism Development Coorporation (BTDC) the right to use the land (HPL) (on which
Emaar´s investment project would be located). The responsibility for issuing the decree rested with the central and provincial National Land Agency (BPN).

“Before the issuance of the land use decree by BPN, the finance ministry has to issue a relevant regulation on the value of the land by April 2 at the latest,” he said.

Another process requiring acceleration was the holding of a PT BTDC general shareholders´ meeting to form a subsidiary on April 6 and the establishment of PT Emaar Lombok as a subsidiary or joint venture corporation of PT BTDC and Emaar Properties LLC on April 10.

The head of the Capital Investment Coordination Agency (BKPM) was expected to have issued the needed investment permit by April 12 as PT Emaar Lombok was scheduled to be capitalized
on April 13.

The Law and Human Rights Minister was to issue a document legalizing PT Emaar Lombok´s formation on April 14, Hadiyanto said.

Emaar Properties had planned to invest a total of Rp21 trillion over a period of 15 years divided into three periods during each of which it would sink Rp7 trillion in the project.

The project would be an integrated tourism resort in Central Lombok comprising two luxury hotels to be named Georgio Armani and Ritz, a condominium and a golf course on 450 hectares of an
overall land area of 1,250 hectares designated for the resort.

The exact location of the resort is at Pantai Kuta and Tanjung Aan in the southern part of Lombok Island, about 30 km south of Mataram.

Tags: Emaar, Kuta