Jakarta. Property developer Metropolitan Land plans to start building apartment towers in Bogor, West Java worth Rp 650 billion ($49 million) next year.
The company, known as Metland, will build three towers on 1.6 hectares of land as part of an integrated housing complex, named Metlad Transyogi in Cileungsi sub-district.
Olivia Surodjo, Metland’s corporate secretary, said the company would fund the investment using internal cash and proceeds from pre-sales of the apartments.
Anhar Sudrajat, the marketing director at Metland, said the company would start marketing 500 apartments in the first tower after Idul Fitri, in order to raise enough money to construct the first tower early next year.
The company would sell the remaining 1,200 apartments in the second and third towers in 2016 and plans to start construction on the buildings in 2017.
Metland is also building a Rp 200 billion shopping mall called Mall Cileungsi, in the Transyogi area. The mall will open next year.
Metland booked revenue of Rp 223 billion in the first quarter of this year, up 4.1 percent from the same period last year (Rp 214 billion). Net income rose 12 percent to Rp 60 billion from Rp 54 billion.
Metland is among a number of rapidly growing Indonesian property developers that mirror their peers in pre-financial crisis China, benefiting from high demand as Indonesia lacks an estimated 15 millions hmoes for its growing population of 250 million.