JAKARTA (Yosefardi) – Property developer PT Sitara Propertindo Tbk (TARA) plans to acquire 1,000 hectares land within next 3 years which costs Rp1.5 trillion.
The acquired land will be used for building houses, apartment, and mall, to support its reccuring income.
The company plans to acquire 200 hectares land this year which costs Rp269 billion, funded by its IPO proceeds.
Currently, TARA has land bank of 270 hectares. The company booked net profit of Rp2.57 billion in first half of this year on revenues of Rp26.45 billion. TARA targets its revenues to grow by 143% to Rp270 billion this year.