Jakarta. Property developer Intiland Development has exceeded its marketing sales target for the first half of 2017, with impressive contributions from the company's newly-launched property project, as well as the rise of consumer purchasing power in the country.
Intiland secured Rp 2.7 trillion ($202 million) in sales as of the beginning of August, which consisted of Rp 1.1 trillion in marketing sales that the company booked in the first half this year and Rp 1.6 trillion from its newly-launched mixed-use high-rise project in Central Jakarta, dubbed the "Fifty-Seven Promenade."
The developer expects its marketing sales to reach Rp 2.3 trillion for the year.
The new project, Fifty-Seven Promenade, launched on Aug. 26 and features 340 units, 94 percent of which have already been sold off.
"We will soon announce our revised marketing sales target for this year as the board of directors are currently discussing this," Archied Noto Pradono, Intiland Development's director of capital and investment, said on Monday (28/08).
Archied said the company will launch another two projects by the end of the year.
Intiland posted Rp 1.63 trillion in overall marketing sales last year.
"We hope that this success will help boost the [country's] property market so that the sector will continue to rebound and [keep] growing," the company said in a filing to the Indonesia Stock Exchange (IDX) on Monday.
Fifty-Seven Promenade is situated on 3.2 hectares of land in Kebon Kacang, Central Jakarta, and consists of two condominium towers, a serviced apartment tower, two office towers and a tower for shophouses.
The apartment will benefit from greater access to mass transportation projects, such as the upcoming mass rapid transit, light rail transit, airport skytrain and TransJakarta systems..
"The consumer purchasing power in the high-end segment remains strong, although they only take a wait-and-see-approach. We need a success story in the property sector in a bid to further convince the market to invest in property units," Archied added.
In the first phase of project development, the company will develop two towers equipped with a basement area and 496 residential units. The mixed-use project is also equipped with a sky garden, a sky lounge, a semi-outdoor swimming pool, children’s playground, spa and sauna facilities, a gym, an entertainment area and a private dining room.