Modernland to construct shopping malls and condominiums<\/p>\n
JAKARTA (JP): PT Modernland Realty Ltd, a housing, golf course
\nand country club developer, will build shopping malls and
\ncondominiums to attract consumer interest.<\/p>\n
PT Modernland Realty Ltd. is a subsidiary of Modern Group,
\nwhich is listed on the Jakarta and Surabaya stock exchanges.<\/p>\n
\"In view of the tight competition, we are concentrating on
\ndeveloping shopping malls and condominiums,\" the company's
\npresident, Samadikun Hartono, told reporters after its annual
\nshareholders meeting here yesterday.<\/p>\n
Samadikun said the company will construct a shopping mall and
\neight towers of condominiums in Taman Modern, the company's
\nhousing project in East Jakarta, and another shopping mall in
\nBukit Modern, the company's housing project in South Jakarta.<\/p>\n
The company's director of finance, Antonius I. Karamoy, said
\nthe construction of the shopping malls and condominium will be
\nfinanced by the company's profits and funds from a rights share
\nissue later this year.<\/p>\n
Antonius said the construction of a shopping mall will cost
\nabout Rp 20 billion (US$9.26 million) and one tower of
\ncondominium about Rp 25 billion ($11.58 million).<\/p>\n
Antonius said the company will initially build two towers of
\ncondominium.<\/p>\n
He said the company's after-tax profit dropped to Rp 20.05
\nbillion ($9.29 million) last year from Rp 33.56 billion ($15.54
\nmillion) in 1992.<\/p>\n
Antonius said the lower profit was due to the new accounting
\nstandard applied to its financial reports. By these new
\nstandards, some of the company's real estate assets which were
\nformerly regarded as company profits were excluded.<\/p>\n
The new figures were released by the Capital Market
\nSupervisory Board (Bapepam) on Feb. 16.<\/p>\n
In 1992, the company still applied its own accounting
\nstandard, he added.<\/p>\n
The annual shareholders meeting approved the distribution of a
\ncash dividend of Rp 70 (3 US cents) per share for its 74.80
\nmillion shares.<\/p>\n
The company projected its sales turnovers this year at Rp 300
\nbillion ($138.95 million), up from Rp 148 billion in 1993.<\/p>\n
\"We based this projection on our actual sales turnovers during
\nthe first five months of this year which have reached Rp 164
\nbillion ($75.96 million),\" Antonius said.<\/p>\n
Modernland is currently developing Modernland Cipondoh, a
\nhousing complex in West Jakarta; Modern Golf Course and Country
\nClub, also in Cipondoh; Taman Modern housing complex in East
\nJakarta and Bukit Modern housing complex in South Jakarta.(02)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/modernland-to-construct-shopping-malls-and-condominiums-1447893297",
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"sponsor": "Okusi Associates",
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