CTRA - PT. Ciputra Development Tbk

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JAKARTA – Amidst the slowing down of industry property post-COVID-19, PT Ciputra Development Tbk (CTRA) is one of the property developers showing stable performance.

CTRA’s marketing sales keep increasing; from IDR 8 trillion in 2022 to IDR 10.24 trillion in 2023. Up to Q1 2024, it is mentioned that CTRA’s marketing sales had reached IDR 3.3 trillion, or 30% of 2024 target of IDR 11.1 trillion.

Although stronger than expected, CTRA’s marketing sales as of Q1 2024 actually slightly declined from IDR 3.4 trillion seen in Q1 2023. It was triggered by the low sales of property units under IDR 2 billion.

“After the pandemic, lower class struggles with affordability,” as revealed by Artadinata Djangkar, Director of CTRA, when met at Annual Public Expose of 2024 today (19/6).

Property units with the price ranging from IDR 2 to 5 billion indeed dominates 54% of CTRA’s total sales until Q1 2024, while units ranging from IDR 1-2 billion dropped to 23%, and units below IDR 1 billion slipped to 12%. Meanwhile, units sold at above IDR 5 billion remained stable at 12%.

“However, we cannot suddenly switch [to upper-class market]. Diversification, after all, benefits the company, allowing us to meet market demands in different times,” added Djangkar.

Several growth engines of the market sales include CTRA’s main projects in 2024. For example, there are CitraLand City Sampali in North Sumatra, which booked marketing sales of IDR 856 billion, followed by CitraLand Surabaya of IDR 493 billion, and CitraGarden City Jakarta of IDR 255 billion.

In addition, there are also CitraLand Tanjung Morawa in North Sumatra with marketing sales of IDR 237 billion, CitraCitySentul of IDR 204 billion, CitraGardenSerpong of IDR 188 billion, and CitraRaya Tangerang of IDR 185 billion.

The latest project is CitraLand Gresik Kota, which will be launched in the second half of 2024, with targeted marketing sales of IDR 250 billion.

“The capex allocated for this project is not much, as it only includes basic infrastructure, of IDR 50-100 billion,” added Nanik J. Santoso, Director of CTRA. “The location is also strategic, near toll exit and in downtown Gresik,” she added. (ZH)