Surabaya (31/03) – National developer PT Intiland Development Tbk. has taken the important phase in the development of the company’s important superblock project, Praxis, in Surabaya. The construction started following the company’s appointment of the main contractor for the project.

Intiland Vice President and Chief Operating Officer Sinarto Dharmawan revealed that the construction of the foundation has completed. The company will soon commence the construction of the building’s structure.

“Praxis is needed to meet the demand of the business and lifestyle of the people in Surabaya. Aside from its location in the central business district, Praxis offers an integrated development concept suitable for office space, residential, modern life style, hotel and MICE (meeting, incentive, convention, exhibition), all in one location,” explained Sinarto after the signing of the cooperation agreement with PT Nusa Raya Cipta Tbk. as the contractor.
Praxis is Intiland’s latest superblock development project in Surabaya’s business district. Occupying an area of 1.1 hectares, the project features office space, apartment, retail center, movie theater, and hall with the total building area of 103,390 square meters.

Praxis Apartment will have 38 floors comprising 293 apartment units of three types: one-, two- and three-bedroom with unit area ranged from 44 to 150 square meters. There will be 185 office units that include 148 strata title office units and 37 rental office units.

Sinarto said Surabaya urbanites needed an integrated district, which is convenient for them to conduct various activities. With its precise development concept, Praxis superblock is expected to provide answer to these needs.

The construction of Praxis superblock is set to be an integral part of the development of Intiland Tower Surabaya. This integrated concept will create a well thought-of and united zone for office and business. Praxis also will have an international-standard hotel to accommodate the need of business people for hospitality facility in the city.

The construction of Praxis requires around two years to complete. To meet the need for parking space, Praxis will have a basement that can accommodate up to 800 four-wheel vehicles.

The company is of the opinion that the trend in residential market in big cities, like Surabaya, in the future will be directed more toward multifunction building in an integrated area. This concept will become a trend and provide an answer to the changes and the market dynamics in the big cities.

Price Jump

At present the company has already marketed apartment and strata title office space units. Since it was offered in 2013, Praxis has received good response from the people in Surabaya. The company reported the sales of apartment and office units had reached 70% and 65%, respectively.

The selling price has also jumped significantly. This is due to the fact that the units offer the potential for profit, either to those who own any of the units or to those who see it as an investment. The selling price for apartment units has doubled since it was first introduced.  At the same time, the price for office space has increased 68% since the launch.

As a developer with excellent track record with various property projects, Intiland is committed to provide the best to the society. This commitment is realized not only by launching excellent property products, but also in the form of potential benefit from investment.