JAKARTA (Yosefardi) – Industrial estate developer Surya Semesta Internusa (SSIA) is seeking strategic partner for developing office, apartment, and hotel projects worth Rp5.5 trillion. The first phase of development (Rp1.5 trillion value) is set for 2017.
SSIA also plans to issue bonds worth Rp2 trillion with tenor of 3 and 5 years, offering coupon rate at 9.5% to 10.15% per year. Acting as underwriters for the bonds are PT Mandiri Sekuritas and PT Indo Premier Securities.
SSIA said its industrial land sales declined 16.2% to Rp365 billion in H1/16 with average selling parice falling 19% from US$114 per m2 in H1/15. Construction business unit also reported a 28% decline in revenue, to Rp1.29 trillion. Total contracts dropped 47.3% to Rp1.19 trillion from previous year Rp2.27 trillion. While hotel business’ revenue increased 7% to Rp314 billion.
The construction segment contributed 62% revenues to SSIA, while property and hotel contributed 15% and 23% revenues respectively. But for Ebita, property contributed 63%, construction contributed 22% and hotel contributed 15%.