JAKARTA - PT Propertindo Mulia Investama Tbk (MPRO) has budgeted capital expenditure (capex) of Rp 250 billion in 2019. The capex will be used for the development of a 18-story office building in Solo Baru, Central Java and an apartment building in Ciledug Raya, South Jakarta.
For the Solo Baru project, MPRO has obtained a building permit from the local government and will commence development after Eid-ul-Fitr. In the long term, the company plans to develop an area consisting of two office buildings, two apartment buildings, and townhouses on the 7-hectare land.
So far, MPRO Director and Corporate Secretary Suwandy said that the company has sold 60% of the apartment units.
This year, MPRO will also develop the Simprug Signature apartment project in Ciledug Raya, South Jakarta. The 33-story apartment building has a total of 561 units, and the company plans to develop six buildings on the 5.2-hectare land.
“We will start with one building in 2019 and we’re currently processing the permit. We will commence development after Eid-ul-Fitr,” Mr Suwandy told Kontan.co.id, Friday (24/5). (MS)