JAKARTA (Yosefardi) – State construction firm PT Pembangunan Perumahan Tbk (PTPP) spent Rp876.79 billion capital expenditure (capex) in first nine months to September of 2015 period, representing 48% of this year’s target (Rp1.8 trillion).
PT PP said the capex is mostly spent for its property unit, PT PP Property Tbk, to fund land bank expansion worth Rp763.83 billion.
PT PP also allocates Rp50 billion for funding its terminal project in Kuala Tanjung, North Sumatera and toll road project for Medan-Kuala Namu section (Rp6 billion). PTPP holds 15% interest in Medan-Kuala Namu toll project, in partnership with state toll operator PT Jasa Marga Tbk (JSMR), PT Hutama Karya, and state construction firm PT Waskita Karya Tbk (WIKA).
Of total capex Rp1.82 trillion for this year, PTPP allocates Rp596.78 billion for property unit and Rp459.5 billion for energy unit.