Jan 27, 2011

SSIA spends US$60 mio for Banyan

Property developer PT Surya Semesta Internusa Tbk (SSIA) has spent US$60 million or Rp540 billion to establish Banyan Tree Ungasan Resort at Ungasan village, Kuta, Bali.
In a press statement, the resort, providing 73 villas with premium facilities, has been commercially opened on January 22 2011.
The resort is developed by Surya Semesta's subsidiary PT Sitiagung Makmur. Sitiagung Makmur offers each villa at Rp900,000 to buyers. The villas are managed by PT Ungasan Semesta Resort in cooperation with Singapore-based company dubbed Banyan Tree Hotels and Resorts Ltd.
Sitiagung offers 59 one bedroom type of exclusive villas, 11 villas with two bedroom facilities, and 3 villas with three bedroom facilities.
Besides Banyan Tree Resort, Surya Semesta via PT Suryalaya Anindita International will spend Rp170 billion capital expenditure in 2011 to renovate 5 star hotel Gran Melia.
Surya Semesta targets Rp400 billion revenue from hotel segment, a 15% increase from 2009's position. With the operational of Banyan Ungasan Resort, hotel segment is estimated to contribute Rp440 billion revenue this year.

Disclosure: No position at the stock mentioned above.  

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