Property developer PT Summarecon Agung Tbk has four new projects in 2022 and prepares a capital expenditure (Capex) of IDR600 billion for property investment. Summarecon targets 46% of pre-sales achievement by 2022.
Established in 1975, the company is known as one of the leading property and township companies in Indonesia. Summarecon focuses on property development, investment & management, and leisure, hospitality & others. The company also develops towns, residential and commercial compounds. Its unparalleled expertise in property is developing famous projects such as in Kelapa Gading (North Jakarta), Serpong (South Tangerang, Banten), Makassar (South Sulawesi) and West Java cities of Bekasi, Bandung, Karawang and Bogor.
Summarecon Corporate Secretary Jemmy Kusnadi said the company was preparing a Capex of around IDR600 billion. “The Capex is used for land acquisition and investment property development,” he said on July 7, 2022. He did not explain further on the four projects.
The company’s Director of Finance, Lydia Tjio said, Summarecon had a pre-sales target for 2022 of IDR 5 trillion, but only reached 46% of the target or IDR2.3 trillion until the first semester of 2022.
On June 10, 2022, the Royal Kedhaton project in Jogjakarta stalled. The project is led by one of its subsidiaries of PT Java Orient Property.
The company clarified that there were problems related to bribery cases in building permits (IMB). The project is still in the planning and feasibility evaluation stages. However, according to Kusnadi, the incident did not affect the company’s shares and business continuity.
Its other project of Summarecon Bogor had been hampered by the COVID-19 pandemic which caused sales to falter. The project was finally completed and a total of 486 houses were sold in two days in October 2021.
