Published on 28/07/2022 at 06:38 GMT+7 Reading time
Property firm PT Metropolitan Land Tbk (Metland) has focused on developing the company through its capital expenditure (Capex) of IDR650 billion beginning 2022. However, only IDR210 billion has been absorbed in the first quarter of 2022.
The publicly listed company has 20 years of experience. Metland was established in 1994, focusing on residential and commercial building sector. The company was active in the growth of Jakarta as a metropolis at that time. In 2004, Singaporean company Reco Newtown Pte. Ltd. joined the company. In line with the increasing public trust, Metland explored the Indonesia Stock Exchange (IDX) in June 2011.
The company's 2022 Capex was needed for land acquisition and infrastructure as its top priority.
Metland Chief Financial Officer (CFO) Olivia Surodjo was optimistic that the company could reach target sales of IDR1.8 trillion. In Q1 2022, MTLA reached IDR704 billion of sales but is 8% less than last year's achievement.
Quoted from news.ddtc.co.id, the OECD projection in 2022 states that the Indonesian economy would grow by 4.7%. In addition, Deputy Minister of Finance, Suahasil Nazara, was quoted from Merdeka.com as saying that property sector remains a driving force for the economy and has a dual effect on national economic growth because housing ownership for Indonesians is the government's top priority.
Unfortunately, property sector is still heavily affected by the COVID-19 pandemic. This sector has received a fairly heavy blow and it is a priority to immediately recover.
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