Property developer Agung Podomoro Land (APLN) is among the worst performing stocks year to date, losing 36.6%. It fell 2% to Rp147 on Thursday (Sep 27) with the selling sentiment prompted by media report that APLN’s reclamation project in north Jakarta had been stopped.
Read MoreMarket participants might continue to respond first half results of companies listed on Indonesia Stock Exchange (IDX). Property giant Pakuwon Jati (PWON) reported a strong 31.4% growth in net profit, while Intiland Development posted 41% jump in sales revenues.
Read MoreProperty developer Bumi Serpong Damai (BSDE), member of Sinarmas Land Group, targets its recurring income to contribute 25% revenue within the next five years. BSDE plans to acquire and build office towers and new shopping malls. BSDE’s current recurring income contributes 17-20% revenues. It started the year with acquisition of 13 floors of office tower at Bakrie Tower for around US$36 million. This is the second acquisition by BSDE in three months because late last year it purchased Sinarmas MSIG Tower (68,525 sqm of NLA) for Rp954 billion.
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