Sun, 08 Jun 2008
JAKARTA: PT Bumi Serpong Damai (BSD), developer of the popular satellite city complex southwest of Jakarta, expects to seal Rp 1.5 trillion (US$163 million) in sales revenue this year on the back of stronger property demand.

"We're optimistic of achieving the target although the central bank's key interest rate is increasing," corporate secretary Fangky Indahjani said Friday during the company's listing on the Indonesia Stock Exchange.

The company booked Rp 1.4 trillion in revenue last year.

BSD raised Rp 601.4 billion by selling 1.09 billion shares to the public last week at a price of Rp 550 per share.

The fund will be allocated to develop infrastructure for the company's property compound, to refinance Rp 600 billion worth of its bonds and to finance its property expansion project.

The company plans to build 80 housing clusters, seven community centers and an integrated commercial area on 5,290 hectares of land in the Serpong area.

The company is also speeding up the second phase a 2,000 hectares development project by constructing schools this year and a shopping mall next year.

Currently there are 4,100 commercial outlets and 20,600 houses inhabited by 100,000 residents in BSD's Serpong area. -- JP



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