BSD eyes 15% growth in marketing salesThursday, January 8, 2015 9:49 AM
The country’s largest publicly listed developer, Bumi Serpong Damai (BSD), hopes to see marketing sales growth of 15 percent this year to around Rp 7.5 trillion (US$594.06 million), in line with expected growth in the country’s property industry.
“We are aiming at booking around 10 to 15 percent growth in marketing sales this year,” BSD corporate secretary Hermawan Wijaya told reporters recently.
Hermawan said his company booked about Rp 6.5 trillion in marketing sales last year, slightly higher than its initial target of Rp 6 trillion.
This year’s target means the developer is aiming to achieve between Rp 7.15 trillion and Rp 7.47 trillion in pre-sales by year-end.
Hermawan refused to name projects that might contribute to the company’s marketing sales this year, simply saying that a more detailed announcement would be made later this month.
As for last year, the company’s flagship township, BSD City, in Tangerang, Banten, was still the developer’s main money maker — contributing around 75 percent up to the first nine months of 2014.
“BSD City is projected to still be our main contributor this year,” Hermawan said.
The company has started developing Nava Park, a 67-hectare residential township in Tangerang, in collaboration with Hongkong Land. The investment for the project is expected to hit Rp 5 trillion and might require up to 10 years to develop.
BSD is also preparing to commence construction on its “Lot 16” project in Rasuna Epicentrum in Kuningan, South Jakarta. The company acquired a 5.4 hectare plot of land from conglomerate and politician Aburizal Bakrie’s property firm, Bakrieland Development, in 2013 for Rp 869.93 billion and plans to build a mixed-use project there.
BSD, part of Sinarmas Land, additionally plans to develop a mixed-use project in Makassar, South Sulawesi, late this year or early next year, on 5 hectares.
BSD booked a 20.37 percent increase in marketing sales last year, from Rp 5.4 trillion in 2013.
The developer’s growth was a stark contrast to the sales plunge experienced by other property developers on the back of the country’s macroeconomic slowdown as well as investment uncertainty during the election year. Developers especially suffered as buyers held back from purchasing property last year, after the central bank introduced a new loan-to-value (LTV) regulation in late 2013.
BSD saw a slight revenue drop, from Rp 4.22 trillion made in the first nine months of 2013 to Rp 3.9 trillion in the same period last year.
The company claimed the revenue decline was the result of inorganic income that it booked from joint ventures with Hongkong Land Holdings Ltd., Japan’s Aeon Mall and Dyandra in 2013, during which the company jotted down an 81.25 percent annual revenue increase.
BSD, according to an official press statement, booked around 34 percent growth from its 2013 organic revenue of Rp 2.9 trillion.
Meanwhile, the company’s net profit was up nearly 50 percent from Rp 2.15 trillion between January and September 2013 to Rp3.21 trillion last year, after the company acquired a 25.99 percent stake in property developer Plaza Indonesia Realty in a Rp 2.03 trillion transaction.
The transaction gave BSD holding 34.22 percent ownership of Plaza Indonesia Realty, with it pocketing Rp 1.5 trillion in profits from the shares purchase.
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