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Developer Sinar Mas Land Has Big Plans for 2012
Francezka Nangoy | December 21, 2011

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Sinar Mas Land says it will invest Rp 3.25 trillion ($357.5 million) next year as it looks to capitalize on the growing economy.

The company said on Tuesday that most of its Rp 3.25 trillion of capital expenditure and investment activities would focus on land acquisitions in East Java, Bali and East Kalimantan.

According to the head of public relations, Panji Himawan, Sinar Mas Land currently has more than 11,000 hectares of land under its control.

He did not elaborate on how much more the property group expected to acquire.

Michael Widjaja, group chief executive officer of Sinar Mas Land, said the company would focus on expanding its residential and township developments and commercial projects next year.

“The property market in 2012 is still looking very promising,” he said. “We will also see increasing demand for green property, which has become part of our commitment to the people.”

Michael said the company expected to add two or three new townships in the next three years. He said they were planning more construction in BSD City in Serpong, Tangerang, the company’s biggest township.

In July, Sinar Mas Land announced that it was planning to build the nation’s largest convention and exhibition hall. The 150,000-square-meter project will be constructed in BSD City.

The project is expected to cost about Rp 1.5 trillion and construction is scheduled to begin next year and be completed by 2013.

Another Sinar Mas Land township, Deltamas Cikarang, in Bekasi, has about 2,000 more hectares that can be developed for both residential and industrial purposes.

Michael said the company was planning to expand its industrial estates in Cikarang and Karawang, West Java. He predicted industrial developments would account for about 45 percent of Sinar Mas Land’s income next year.

About 37 percent of income is expected to come from residential properties, with the remaining to come from recurring income from its hotels, offices and retail properties.

Shares of Sinar Mas Land’s subsidiary, Bumi Serpong Damai, gained 2.1 percent to Rp 990 on Wednesday. It is the property development unit of conglomerate Sinar Mas Group.