An Indonesian property company, Sinarmas Land Ltd., has sold its London property and residential property office for GBP72 million (US$100 million). The Group intends to repay the bank loans and preparing an investment funds for the future planning.
In February, the developer announced has acquired three property companies in Indonesia worth Rp347.76 billion ($24.84 million). These companies are PT Bhumindo Repenas Jayautama, PT Cibubur Permai Lestari, and PT Gunung Indah Permai Lestari.
According to the director, Robin Ng Cheng Jiet, Sinarmas Land acquired Bumindo Repenas for Rp129.2 billion, Cibubur Permai of Rp145.33 billion, and Gunung Indah Permai for Rp73.22 billion. The transaction is paid in cash using internal cash. Apart from this transaction, the developer has added share ownership in the unit, Bumi Serpong Damai (BSDE) from 59% to 60.07%.
