Dharma | 
11 11th, 2007| 
JAKARTA: Many Indonesians are hoping to sell residential property for a substantial profit, helping to make real-estate development and building construction the hottest sector of a rapidly expanding economy.
Eager to exploit the boom, many of Indonesia’s business leaders and a host of would-be tycoons are leaping on the real estate bandwagon with projects to build satellite cities, housing communities, office towers, apartment blocks and condominium complexes, mainly in Jakarta but also in other major urban centers.
“The rapid increase of middle-class housing estates in and around Jakarta, and now in Surabaya, is clear proof of the emergence of a new class of consumer,” said Marc de Speville, an investment analyst at P.T. Jardine Fleming Nusantara. Surabaya is Indonesia’s second largest city after Jakarta, the capital.
