JAKARTA. PT Ciputra Development Tbk (CTRA) is targeting Rp 6.4 trillion in property sales, 83.11% of the overall marketing sales target this year.
CTRA Investor Relations Aditya Ciputra Sastrawinata believes that property sales will experience an upward trend in 2019.
CTRA has started to target the lower middle market with property projects priced at below Rp 1 billion. This focus is considered more sustainable with growing demand in the segment. This is also a strategy amid the slowdown in the property industry since 2015.
"The company's strategy is to maintain growth by targeting property sales with competitive prices, adjacent to transportation facilities such as commuter line, LRT, or toll roads," said Mr Sastrawinata in a press release received by CNBC Indonesia, Friday (15/2).
The company is currently working on three projects priced below Rp 1 billion in Jakarta this year. The three projects are an apartment in Ciracas, East Java; a landed residential project in Puri, West Jakarta; and township development in South Jakarta. The three projects are targeted to achieve Rp 750 billion in marketing sales.
Previously, in an interview with CNBC Indonesia CTRA Independent Director Tulus Santoso said the company is optimistic that marketing sales can grow 5% from last year's realisation if property sales continue to grow in the second semester this year after the presidential election.
"We are estimating a 5% growth this year, and Rp 6 trillion in marketing sales in 2019," Mr Santoso said in an appearance on CNBC TV's Squawk Box on Thursday (14/2). (AM/MS)