Tycoon plans 111-storey tower in Jakarta

Tomy Winata, boss of the Artha Graha group in Indonesia, plans to build the world’s fifth tallest tower right in central Jakarta, according to news reports. Winata, a rags-to-riches multi-millionaire hopes to provide a supply of office space and five star hotel rooms in Indonesia’s booming economy.

The $2 billion (RM6 billion), 111-storey Signature Tower will be funded partially by internal funds (30 – 40 per cent) while the rest will come from bank loans, although some quarters have voiced question marks over whether European and American banks are interested.

Despite that, the group has already signed a deal with MGM Resorts International to manage a luxury hotel planned for the top 20 floors of the building.

The offices are expected to house the Indonesia Stock Exchange, banks, and international companies.

The Artha Graha group, founded by Winata, is involved in property, banking, logistics, and agriculture. In 2006, Winata, an Indonesian Chinese, was listed as #35 on a Forbes list of „the 40 richest men in Indonesia“, with an estimated worth of $110 million (RM330 million), reports indicate.

By New Straits Times

Source : http://www.nst.com.my/red/tycoon-plans-111-storey-tower-in-jakarta-1.89753