PTPP to Develop IDR20trn Superblock Project

PT Pembangunan Perumahan (PTPP IJ, Under Review) will begin groundbreaking of the IDR20trn Grand Kamala Lagoon superblock project in Bekasi, West Java. The 25 ha superblock area is designed to have 25 apartment towers in the next 20 years. Other than that there are several more projects to come such as the groundbreaking for IDR5trn Grand Sungkono Lagoon project in Surabaya, precast concrete plant in Sadang, and 2×7 MW steam power plant in Lampung. This year the company targets IDR24trn of new contracts and IDR9.35trn of new contracts have been achieved until July 2014. Meanwhile, PTPP is planning to issue IDR300bn of Continuous Bond Phase II where 40% will be used for construction working capital, 30% for EPC, and 30% for property working capital.