PSP to see more profits

JAKARTA (JP): PT Putra Surya Perkasa, a private real estate developer, estimates a 316 percent increase in this year's net profits which will be due to a growth in sales.

The company's senior vice president, Jacob Kang, told reporters over the weekend that his company will likely see a net profit of Rp 80 billion (US$36.73 million) this year, more than three times last year's profits of Rp 19.23 billion.

"Last year, we just focused on the business of property rental. This year we will expand the business by selling houses of our real estate projects," he said. He added that 92.24 percent of this year's profit were expected to come from housing sales and 7.76 percent from property leasing.

PSP, whose property assets include the Prapanca Apartments, Pondok Club Villas and the Wisma Bank Dharmala office building, is scheduled to open Ibis Slipi, a three-star 345-room hotel in West Java, on Saturday.

The hotel, managed by Accor, has been established with an investment of $20 million. (icn)