CTRA - PT. Ciputra Development Tbk

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+30 (+4,00%)

JAKARTA. PT Ciputra Development Tbk (CTRA) allocates capital expenditure (CapEx) of IDR 800 billion this year, most of which will go to land bank acquisition as the property market slowly recovers.

Tulus Santoso, Director of CTRA, claimed that his company would focus on land acquisition as the landed house segment still has hope for becoming the main contributor to the marketing sales of the company, replicating last year’s success, particularly induced by projects in Jabodetabek, Surabaya, and Medan. “We saw the prospect is well-maintained as the COVID-19 pandemic crisis subdues,” he explained, as quoted in Kontan earlier this week.

This confidence is also backed by CTRA’s marketing sales performance. Out of its 2022 target of IDR 8.2 trillion, the marketing sales in Q1 2022 had already covered IDR 1.9 trillion. “Our landed house sales are already close to hitting 90% of total sales. Furthermore, we believe the demand will continue to rise this year,” Santoso announced.

Several projects that will be CTRA’s star are Citraland Gama City Medan, Citraland Surabaya, CitraGarden City Jakarta, CitraRaya Tangerang, and Citraland City Losari Makassar. “These are our top five housing projects this year,” Santoso confirmed. (AM/ZH)