JAKARTA - PT Ciputra Development Tbk (CTRA) has allocated capital expenditure (capex) of Rp 2.5 trillion to increase land bank and complete construction projects.
CTRA Director Harun Hajadi said 60% of the capex this year will be used for land acquisition, while the remaining will be used to complete building constructions.
“Our planned capital expenditure is Rp 2.5 trillion. Most of it is for landbank acquisition and construction completion,” Mr Hajadi told Bisnis.com, Tuesday (8/1).
According to the company’s financial statements, Ciputra Group still has land banks worth Rp 6.8 trillion as of September 2018. The land banks with the highest value are located in Surabaya, Sidoarjo, Medan, Denpasar, Makassar, Bogor, Bandung, and Bandar Lampung with Rp 4.08 trillion of value, while the remaining land banks are located in Jabodetabek, Bali, Jakarta, and Jambi. (MS)