Golden Sedayu confident amid challenges
Golden Sedayu general manager Andrew Sugiaputra said he was confident about the future of the project worth more than $4 billion, despite global challenges.
Speaking at an event today to celebrate the opening of the road that will connect residences in the area, Mr Sugiaputra said most of the costs for the first part of the project have been fixed.
“We bought 85 per cent for Somerset, which means 85 per cent of our costs are fixed,” he said.
“The other 15 percent consists mainly of finishing works such as stone, joinery, tiling, and we have visibility.” [on those] Because we made the tender for them and the numbers started to come.
“We are still within our numbers, [we are] “Within our budget.”
Golden Sedayu, a joint venture between Golden Group and Indonesian Agung Sedayu, is involved in part of the construction of the first two towers of its project consisting of 203 residences.
The flats, 65 percent of which have been sold, are expected to be completed late next year.
The developer has also completed infrastructure work to prepare for an additional 23 towers on the 38-hectare site.
This means that 3,100 of the 4,500 residences Golden Sedayu plans to build in the Belmont Racecourse area now have electricity and water service.
Tracc Civil built the $15 million, 850-foot-long road called Racehorse Boulevard over the past 12 months.
“The scale of the project was extraordinary,” Mr. Sugiaputra said.
“We installed more than 13,500 piles spread over 200 kilometers.”
union concerns
Golden Sedayu has recently come under fire from the Construction, Forestry and Marine Employees Union, which accused the developer of working with a consultant with a phoenix background.
Last month the union staged a protest over the project, declaring that Golden Sedayu contractor Downtowns would re-emerge under a new name after going under.
Today Mr Sugiaputra said he had “no concerns” about the financial stability of contractors on the project.
“Golden Sedayu’s Construction team has conducted legal due diligence on all subcontractors and contractors we use on our site.
“I don’t believe the word phoenix is correct in this situation… I just don’t agree with it.”
