CTRA - PT. Ciputra Development Tbk

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JAKARTA – PT Ciputra Development Tbk (CTRA), a well-known property developer, has reportedly realised IDR 700 billion of its capital expenditure (capex) until first quarter (Q1) of 2024.

CTRA is known to have set the capex to IDR 2 trillion for 2024. Until Q1 2024, the company has used up IDR 700 billion.

“Most of it is used for land acquisition in Makassar,” added Tulus Santoso, Corporate Secretary of CTRA, when met at 2024 Annual Public Expose of CTRA today (19/6).

It is also mentioned that 90% of capex realisation as of Q1 2024 has been used to purchase a land of 14 hectares, which will be developed as housing and hospital complex.

In addition, 5% of said realised IDR 700 billion is allocated for hospital projects, while the remaining 5% is for other needs.

CTRA is reportedly getting ready to open its fourth and latest hospital in Surabaya next month. This hospital is said to be equipped with cancer centre, although up until now, the company still works for obtaining permission for radiotherapy and PET scan equipment.

“Hospital is indeed one of the segments that we aim to develop,” added Nanik J. Santoso, Director of CTRA.

For information, CTRA’s landbank has now reached 6,257 hectares, with landbank for its project reaches 2.2 thousand hectares, while landbank for operational cooperation projects arrives at 4.06 thousand hectares.

It is worth mentioning that CTRA’s capex realisation in 2023 was IDR 1.1 trillion. In other words, CTRA allocates capex of almost twice the amount in 2024. (ZH)