Pakuwon Prepares 2 New Projects in Jakarta

PT Pakuwon Jati Tbk posted sales of Rp 654 billion in the first quarter of 2017. This figure is derived from the sale of all Pakuwon-developed projects and the value has increased from Rp 590 billion in the previous quarter.

Kota Kasablanka: one of Pakuwon Jati superblock project in Jakarta

"We are targeting Rp 2.7 trillion this year, up slightly from the 2012 figure of Rp 2.27 trillion. Our mainstay is still from the Kota Kasablanka project, Tunjungan City, Pakuwon City, and several other projects," said Minarto Basuki, Finance Director of Pakuwon at the public expose in Jakarta last weekend.

Pakuwon has a land bank of more than 456 ha in Jakarta and Surabaya. All managed malls also have occupancy above 90 percent and continue to increase. The decrease in occupancy occurred in Blok M Plaza and it was deliberate by leasing a shorter 1 year to anticipate changes related to mass rapid transit (MRT) development in the region.

Director of Pakuwon Ivy Wong added that this year his company is also preparing a new project in TB Simatupang, South Jakarta and Daan Mogot, West Jakarta, which will be developed as a mixed use development project. It's just that until now it is still waiting for the best situation and momentum as the property business climate in the country.

"We will still make land acquisitions to enlarge the landbank, its strategy by acquiring in our existing land development projects. Currently our fund reserves amounting to Rp 1, 25 trillion and there are still about Rp 270 billion that can still be utilized," he added.