PT Lippo Cikarang, a publicly listed property developer that manages 3,000 hectares of land in Cikarang, West Java, plans to gradually construct and sell around 800 new houses and several industrial clusters this year to boost its revenue.
President director Loh Meow Chong said Friday the company expects sales of new houses and offices to boost revenue this year to around Rp 400 billion, from Rp 280 billion booked last year.
Loh Meow was speaking to reporters during the launch of a new residential estate called New Azalia Garden. It is the first offered this year, but Lippo's 31st residential project since 1991.
The company has so far built more than 8,000 houses in the area, most of which are aimed at low and middle-end buyers, and a host of commercial and industrial areas.
Of a total 3,000 hectares of land, some 1,000 to 1,200 hectares remain vacant.
"The competitive price of the houses will hopefully be a breakthrough in the market," Log Meow said of the new estate.
The prices will range from Rp 160 million to Rp 250 million.
Last year, he said, the company built 600 houses and sold about 500.
Lippo product division head and general manager Endang Sutrisna Azalia would comprise 120 units on four hectares of land with construction divided into three phases.
He said the company had invested Rp 4 billion for the first phase of construction.
Endang said this year the company would also build several new estates and industrial buildings, as well as a toll exit that would connect the surrounding seven industrial areas.
They are Lippo Cikarang, East Jakarta Industrial Park, Hyundai, Jababeka, MM 2100, Bekasi Fajar and Delta Mas.
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