Putra Alvita expects Rp 120b net sales

Putra Alvita expects Rp 120b net sales

JAKARTA (JP): PT Putra Alvita Utama, the developer of the 2,000-hectare Kota Legenda residential estate in Bekasi, expects to book Rp 120 billion (US$51.8 million) in net sales this year, a company executive said yesterday.

"We will go ahead to meet our target, both in development and marketing efforts, despite a keen competition for financing sources," said a company director, Laurent Aliando.

The company's chief commissioner, Cosmas Batubara, said that on the marketing side, Putra Alvita would not face difficulties because the competition in Bekasi was not as tough as that in other areas around Jakarta.

Batubara said that with a total equity of Rp 125 billion and total debts of only Rp 60 billion, the company was still eligible to raise more loans.

The company's sales projection for this year, however, is 33 percent below last year's record. Based on unaudited report, it booked Rp 180 billion in net sales last year.

The company's marketing division manager, Lucas Marangka, said that the market demand might decline this year, particularly because of the decreasing demand from speculative buyers.

Putra Alvita, which is owned by a consortium of six business groups -- Puteraco Group, Napan Group, Bangun Tjipta Pratama, Duta Putra Makhota, Kalbe Land, Dharmala Group and Pangestu Family -- plans to build 4,500 luxury houses, 13,500 medium-sized houses and 27,000 low-cost houses in the Kota Legenda.

Aliando said that the company started the first phase of development of the estate two years ago with the construction of 1,200 modest and very modest houses.

"This year we will begin to build medium-sized houses," he said. (08)