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Developer APLN Eyeing Rp 4t in Sales
Francezka Nangoy | February 28, 2011

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Agung Podomoro Land, an integrated property developer, expects the growing demand for new houses to push its sales to Rp 4 trillion ($452 million) this year, an executive said.

“As we announced in the prospectus before we went public, APLN plans to acquire several projects. With the proceeds from the IPO, we acquired three new projects,” corporate secretary Prisca Batubara said late on Friday.

She did not provide full-year sales numbers, but the company recorded revenue of Rp 1.62 trillion in the first half of 2010.

In November, APLN, a subsidiary of Agung Podomoro Group, sold 6.15 billion shares, or 30 percent of its total equity, in an initial public offering. The company raised Rp 2.24 trillion in going public.

The three projects APLN took on following its IPO were Green Lake in Sunter, North Jakarta; Green Permata in Ulujami, South Jakarta; and Grand Taruma in Karawang. Green Lake is an apartment complex, Green Permata is a 14-hectare residential complex and Grand Taruma is a 40-hectare development.

“The book value for Green Permata was Rp 440 billion, but we bought it for only Rp 190 billion,” Prisca said.

Grand Taruma, meanwhile, was acquired for Rp 35 billion. “However, APLN only has 90 percent of the project, and the remaining 10 percent is owned by an unaffiliated company,” Prisca said without elaborating on the partner’s name.

APLN plans to build 1,400 houses in Grand Taruma, she continued, as the developers sees potential in the area because of its proximity to Karawang and its growing number of factories. Karawang houses a number of the country’s automotive factories.

APLN earmarked Rp 600 billion to buy land this year, Investor Daily reported, citing president director Indra W. Antono.

Prisca said the developer plans to spend as much as Rp 2 trillion in capital expenditure, which will be financed by bank loans and pre-sales revenue from existing projects.

“It could change because APLN does not have much bank land, so if interesting offers come in, the capex might change,” she said.