Jakarta. Indonesian property developer Sentul City booked Rp 700 billion ($51.8 million) in marketing sales, or the sales of property that has yet to be built, in the January-August period of this year.
The figure is equivalent to 58.33 percent of the company's full-year marketing sales target of about Rp 1.2 trillion.
"We are optimistic to achieve our marketing sales target by the end of the year," Sentul City chief project officer Ricky Kinanto Teh said in an email.
Ricky said the marketing sales were supported by block sales and existing projects, such as the Green Mountain and Spring Mountain housing clusters and the Alana Condotel luxury apartment complex at Sentul in Bogor district, West Java.
All units in the Alana Condotel apartment complex have been sold, with 80 percent of the construction having been completed. The 240-unit apartment complex, launched in 2014, will be operational by next year, Ricky said.
Meanwhile, the company has been constructing a mixed-use project in the Sentul central business district, consisting of four apartment blocks, an AEON shopping mall and an office building. Ricky said construction of the shopping mall is at least 53 percent complete.
"Our target is for AEON Mall Sentul to be operational by early next year," he said.
The mixed-use Sentul City project, launched early this year, is built on 200 hectares. The topping-off ceremony for Aeon Mall is slated for the end of the year.
The company has a total land bank of around 14,800 hectares after recently acquiring an additional 273 hectares in four areas in Bogor.
Sentul City also sees opportunities in developing transit-oriented projects, as the government accelerates infrastructure development with the construction of mass rapid transit and light rail transit (LRT) systems in Jakarta and its surrounding cities.
The company is exploring a potential partnership with other property developers to develop mixed-use projects in the area as a planned LRT line between Jakarta and Bogor will pass Sentul.