Property Industry in East Java Continues to Increase Significantly

By : Herry Barus And Aldi Firhand. A | Sunday, November 12 2017 - 19:05 IWST

Apartment Illustration (Illustration)
Apartment Illustration (Illustration) - Surabaya - Executive Director of PT Intiland Archied Noto Pradono sees the property market in Surabaya city and several cities / districts in East Java so potential that the company will continue to optimize the development in this region in order to contribute the maskimal for the company's revenue.

"Nearly 26 percent of the company's revenue from Surabaya and surrounding areas, for that we will optimize the project is currently under construction progress," said Archied in Jakarta, Saturday (11/11/2017)

The company's revenue target of Rp2.3 trillion has been surpassed since September 2017 of around Rp3 trillion, mostly from residential, office, retail, hotel and industrial estate projects in East Java, Arhcid said.

Arhcid sees Surabaya as the second largest city in Indonesia and a center for economy and business for eastern Indonesia, Surabaya's property market continues to grow positively, in line with economic growth and regional infrastructure.

"We get a good market response to the property projects we are developing. As developers, we are trying to meet the needs of consumer properties, "said Archied.

Based on the acquisition of the company's sales revenue (nine months) this year, Surabaya's market contribution reached Rp787 billion. The amount is equivalent to 26 percent of total sales of the company's sales reached Rp3 trillion.

Arhcid acknowledged the challenge of the property market in Surabaya is quite heavy throughout this year. The company also feels a downward trend in the purchasing power of the upper segment, affecting the sales of products in the superblock segment, such as apartments, commercials and offices.

However he is also optimistic property will gradually improve. Demand for industrial estates, for example, actually grew this year with sales from Ngoro Industrial Park project in Mojokerto covering 28 hectares with a value of about Rp531 billion.

As we continue to work on the potential of the property market in Surabaya, the company is currently developing a number of large-scale new projects. For the development segment of mixed-us & high rise, for example, Intiland is completing construction of the Praxis and Spazio Tower project.

Located in the heart of Surabaya's business district, Praxis development has entered the completion stage with a handover target starting in the second half of 2018. Praxis is an integrated multi-functional development that provides a range of facilities such as apartments, studios, hotels and commercials.

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