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Tag: Yogyakarta

  • AirAsia, Garuda cancel flights to and from Yogyakarta due to Merapi eruption

    AirAsia, Garuda cancel flights to and from Yogyakarta due to Merapi eruption

    AirAsia and Garuda Indonesia have cancelled a total of at least 26  flights to and from Yogyakarta after the eruption of Mount Merapi forced the ancient Javanese city’s airport to close.

    The cancelled AirAsia flights are AK 346, AK 347, AK 348 and AK 349 (Yogyakarta – Kuala Lumpur, Kuala Lumpur – Yogyakarta), QZ 659 (Singapore – Yogyakarta), QZ 7557, QZ 7550, QZ 7551, QZ 7552 and QZ 7553 (Yogyakarta – Jakarta, Jakarta – Yogyakarta), XT 8448 and XT 8449 (Bali – Yogyakarta, Yogyakarta – Bali).

    Passengers of cancelled flights will be given the option of rescheduling, rerouting their journey or a refund or credit. AirAsia also advised passengers to check AirAsia’s website and social media accounts for further updates.

    Meanwhile Garuda, Indonesia’s national carrier, cancelled 14 flights.

    Yogyakarta’s Adisutjipto International Airport, 520km south-east of Jakarta, was closed at about 10:42am on Friday local time, and reopened at 2:17pm, state air-navigation operator AirNav Indonesia said in a statement Friday.

    Mount Merapi’s eruptions are minor, caused by accumulation of volcanic gases, and shouldn’t lead to further outbursts, the Centre for Volcanology and Geological Hazard Mitigation at the nation’s Energy and Mineral Resources Ministry, said in a statement, adding its status is “normal.”

    Other airlines that canceled flights include those operated by the Lion Group.

    It said it would inform passengers of affected flights through email and text message.

    “AirAsia strongly encourages all guests to update their contact details at airasia.com to ensure that they are notified of any updates to their flights,” AirAsia said in a statement on Friday.

    Indonesia is located on the so-called Pacific Ring of Fire, an arc of volcanoes and geological fault lines surrounding the Pacific Basin. According to the Volcanological Survey of Indonesia, the archipelago has about 120 active volcanoes. It has had two of the world’s biggest volcanic eruptions in the past two centuries: Mount Tambora in 1815 and Krakatau in 1883.

    Last year, Mount Agung on the neighbouring island of Bali erupted and forced the airport at the popular holiday destination to close several times. Yogyakarta is also a prominent tourist spot for Buddhist pilgrims.

    The volcanic ash and gases spewed can be dangerous to planes passing through the plume. In 1982, all four engines on a British Airways Boeing Co. 747 stalled when the plane encountered the debris from Mount Galunggung in Indonesia.

    The plane dropped for almost four miles before the pilot was able to restart three engines and make an emergency landing in Jakarta.

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  • Yogyakarta`s coffee business potential reaches Rp350.4 billion

    Yogyakarta`s coffee business potential reaches Rp350.4 billion

    Coffee shop ventures generate significant economic potentials in Jogjakarta, and it can reach Rp350.4 billion a year, generated from 800 coffee shops in the city.

    “The current economic realization that comes from 600 registered coffee shops in Jogjakarta reaches Rp262.8 billion per year,” the owner of Pitutur Coffee Shop Ponco Kusumo in Jogjakarta said on Monday.

    He explained in detail that a coffee shops economic realization comes from the volume of coffee sold each day, multiplied by the retail price of each cup.

    For example, every day there would be 80 cups of coffee sold in each shop, at a price of Rp15 thousand per cup.

    “That means that every coffee shop generates Rp1.2 million a day. When we multiply the total with the number of registered coffee shops across the town, the result comes out to be Rp262.8 billion, which is a substantial number,” he reiterated.

    The registered coffee shops are the ones that have signed up for the coffee business community, and there could be twice as many shops that are yet to be registered by the owners, he said.

    To reach a sales target of 80 cups per day, the shops need to operate from 10 am to 10 pm.

    “Our customer target includes students, general public and foreign visitors, who enjoy coffee,” he concluded.

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  • Foreign Travel Agencies Expanding into Yogyakarta

    Foreign Travel Agencies Expanding into Yogyakarta

    The competition in travel agency business is getting stiffer in the wake of the free trade agreement of ASEAN Economic Community (AEC). The free trade agreement implementation has seen foreign travel agencies competing directly with local agencies, including in Yogyakarta.

    “Foreign travel agencies have been expanding into Yogya in the past two years,” said Edwin Ismedi Himna, Counsellor of Asita Associatoin of The Indonesia Tour & Travel Agencies (Asita) Yogyakarta.

    He said that the foreign travel agencies are originated from Korea, Japan, the United States and France.

    The free trade agreement implementation will see foreign travel agencies handle both domestic and overseas vacation packages. “Local agencies are being left behind despite efforts [to compete] by setting competitive or cheaper prices,” Edwin said.

    According to Edwin, of 190ish current member travel agencies incorporated in Asita Yogyakarta, only 30 percent are still handling  European and American tourists. “Most agencies prefer to keep targeting Asian tourists that are deemed to have more potential by exploiting short-haul destination programs,” he said.

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  • Lippo Malls Trust buy integrated development in Yogyakarta

    Lippo Malls Trust buy integrated development in Yogyakarta

    First Reit has entered into a joint venture with Lippo Malls Indonesia Retail Trust (LMIRT) to jointly buy an integrated development in Yogyakarta, Indonesia, from their sponsor PT Lippo Karawaci Tbk.

    The property comprises Siloam Hospitals Yogyakarta (SHYG) and a retail mall component known as Lippo Plaza Jogja (LPJ).

    The purchase consideration for SHYG at S$40.82 million, which will be borne by First Reit, represents a discount of 9.69 per cent to S$45.20 million, being the higher of two independent valuations.

    The lower valuation by KJPP Willson & Rekan (in association with Knight Frank) put its value at S$41.52 million as at end-September 2015.

    The property is held under one “Right to Build” (Hak Guna Bangunan) title certificate and currently, in Yogyakarta, there are no regulations permitting the regional government of Yogyakarta to subdivide the property and issue separate strata titles for SHYG and LPJ.

    First Reit and LMIRT have, therefore, decided to jointly acquire the asset. They own mostly hospitality and retail assets in Indonesia respectively.

    The property, comprising a hospital and a retail mall, is a 10-storey building including one basement and one mezzanine level on a total land area of 13,715 square metres, with a shared multi-storey parking area on the upper levels and a rooftop helipad.

    The joint acquisition will boost First Reit’s portfolio to 18 properties and strengthen its asset base by 3.15 per cent to S$1.31 billion, from S$1.27 billion.

    First Reit will finance the SHYG portion of the joint acquisition by a drawdown from its debt facilities and internal cash.

    As for LPJ, its purchase consideration of S$51 million, which will be borne by LMIRT, represents a discount to both the independent valuations it obtained.

    LMIRT will finance the retail mall acquisition using debt financing.

    The manager is currently exploring the options of bank loan facilities and/or issuance of unsecured bonds under the EMTN programme it set up last September.

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