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Agung Podomoro, one of Indonesia’s biggest property developers, plans Rp 3 trillion ($330 million) in capital expenditures next year as it focuses on property projects in the greater Jakarta area.

The company plans to complete developments including the Green Bay Pluit superblock in North Jakarta and Kuningan City in South Jakarta, Indra Wijaya, vice president director of Agung Podomoro, was quoted by Investor Daily as saying.

Many Indonesian companies, including property developers, have been increasing investments for next year on expectations of growing demand by middle-income households.

Economists and government officials estimate that the country’s middle class will double in size to almost 50 million in the next few years. Household income has inched above $3,000 a year in a country of about 240 million people.

Agung Podomoro has various property interests including detached homes, apartments, townhouses, shopping malls and projects known as “superblocks,” which combine these different types of development.

It has been aggressively expanding its business recently. Last month, it signed an agreement to buy a 99.9 percent stake in another property company, Tiara Metropolitan Indah, for Rp 150 billion.

Trihatma Haliman, president director of Agung Podomoro, said in October that demand for property in big cities such as Jakarta would continue to increase in the coming years.

In August, Agung Podomoro sold Rp 1.2 trillion in bonds to help finance its expansion plans.

The company’s Green Bay Pluit superblock is located in North Jakarta’s Pluit business complex, while the Kuningan City superblock is located in the Kuningan business district in South Jakarta.

The projects are being developed by Arah Sejahtera Abadi, a unit of Agung Podomoro Group.

Shares of Agung Podomoro fell 1.7 percent to Rp 295 on the Indonesia Stock Exchange (IDX) on Monday. Shares have fallen 23 percent this year.