The recent transfer of a majority shareholding for PT Garuda Adimatra Indonesia (GAIN) by PT Alam Sutera Realty means that work has recommenced on what is hoped will result in the completion of the Garuda Wisnu Kencana Cultural Park on Bali’s Ungasan Peninsula.
An on-again-off-again project spanning two decades, the Garuda Wisnu Kencana (GWK) project envisions a cultural park covering a 100-hectare site dominated by a 300-meter high statue of the Lord Winsu sitting atop a 70-meter pedestal.
The total cost of the project has been put at figures varying from US$40 million to US$200 million.
According to Radar Bali, Bali sculptor and the chief artist in charge of the project, Nyoman Nuarta, is now working to create the metal skin made from copper and bronze to cover the statue.
Work is also soon to commence on the pedestal to support the monument.
Ida Bagus Budihartawan who is in charge of GWK estimates another 2.5 to 3 years will be needed to complete the statue.
The transfer of shares from PT Multi Matra Indonesia as the majority shareholder in PT Gain to PT Alam Sutera was reportedly valued at around Rp. 821 billion (US$88.3 million). That amount is calculated as equivalent to 90.3% of the issued shares in PT GAIN, with the remaining shares owned by PT Bali Tourism Development Corporation (PT BTDC).
Nyoman Nuarta, when testifying before the Badung House of Representatives in 2011, estimated the cost of completing the park at at Rp. 750 billion (US$80.6 million).
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