JAKARTA - PT Arba Propertindo, a subsidiary of PT Diamond Citra Propertindo Tbk (DADA), canceled its plan to buy a land plot worth Rp 199.40 billion from PT Cipta Permata Properti Indonesia (CPPI).
Lucky Kurniaty, Corporate Secretary of DADA said that the reason for the cancellation was because CPPI was unable to complete the building permit (IMB) for the land. "CPPI has not been able to complete the IMB due to the COVID-19 pandemic," he said in the company's disclosure on Thursday (3/9).
He said that the land was 37,636 m2 wide and located in Cijujung, Bogor, West Java. Arba Propertindo planned to build properties with a mixed use concept and market them in 2021.
The sale and purchase agreement between ARBA and CPPI was signed on 28 January 2019, and the agreement was revised by up to three times. (LK/AR)