PP Property Build an Independent City of 200 Hectares in Kertajati

By : Ahmad Fadli And Aldi Firhand. A | Monday, September 11 2017 - 22:16 IWST

kota Kertajati (Istimewa)
kota Kertajati (Istimewa)

INDUSTRY.co.id - Jakarta- PT PP Property Tbk (PPRO) is getting more expansive in the rest of the year. PPRO plans to acquire land in several locations. The largest, PPRO will acquire land in the Kertajati area of ​​200 hectares (ha).

Not without reason the subsidiary PT PP Tbk PT Kertajati choose. Indaryanto, Finance Director of PPRO, said that the land in Kertajati area is quite prospective, especially with the new airport development plan. "Later this region will become Aero City," said Indaryanto, last weekend.

Aero City will become an independent city with development up to 20 years to come. PPRO will hold a subsidiary of West Java International Airport.

However, Indaryanto has not been able to disclose the value of the investment that will be disbursed to acquire the land. What is clear, with the additional land before, PPRO will have a land bank of about 294 ha.

Indaryanto said, PPRO will do a lot of land expenditure for landbank in the second half of this year. The state-owned company has prepared funding to smooth the land expansion plan.

PPRO still has funding from the issuance of medium term notes and rights issue actions conducted some time ago. Because this year many add landbank, capital expenditure or capital expenditure (capex) PPRO in 2017 is greater than the projection of capex in the next few years.

PPRO plans capex over the next five years to reach Rp 10 trillion. The details, this year amounted to Rp 3 trillion, then Rp 1.5 trillion in 2018 and Rp 1.5 trillion for 2019. In 2020 and 2021, PPRO will budget capex of Rp 2 trillion and Rp 2 trillion respectively.

Until the end of August, PPRO posted pre-sales income or marketing sales of Rp 1.75 trillion. This pre-sale revenue comes mostly from sales at Grand Kamala Lagoon. That way, PPRO has reached 58% of the company's sales target this year, amounting to Rp 2.99 trillion.

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