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ajor developer PT Alam Sutera Realty (ASRI) says it has sold a 91.59-hectare plot in West Cikarang, West Java, to sister firm PT Bekasi Fajar Industrial Estate (BEST).

Alam Sutera announced on Friday that its privately owned subsidiary PT Nusa Raya Mitratama (NRM) signed a purchase agreement worth Rp 915.9 billion (US$93.81 million) on Wednesday with a buyer also affiliated with Alam Sutera.

Alam Sutera is 3.1 percent owned by PT Argo Manunggal Land Development, which controls 63.2 percent of Bekasi Fajar.

Alam Sutera corporate finance and investor relations head Nathan Tanugraha said on Friday that payment would be done in five monthly instalments with the money to go to finance future expansion and buy more land.

'Future acquisitions will be focused to support our projects in Tangerang [Banten province],' Nathan said in a telephone interview.

Alam Sutera, which owns 2,139 hectares after the sale, has been currently developing townships comprised of residential and commercial zones in Serpong and Pasar Kemis, Tangerang.

The firm has other projects in Jakarta and Bali, ranging from the construction of office buildings to the development of the Garuda Wisnu Kencana cultural park in Bali.

Nathan said the company's marketing sales were expected to be Rp 5.6 trillion by year end, which would be up more than half over the 2012 figure. In the first quarter of 2013, the company reported booking Rp 1.3 trillion in marketing sales.

In net profits, the company made Rp 404 billion in the first quarter, up 17 percent from the same period last year.

Contacted separately, Bekasi Fajar chief financial officer Wilson Effendy said the instalment plan allowed his company to pay for the land with internal cash in the first place. The company recorded Rp 498.48 billion in cash and cash equivalents as of March.

Bekasi Fajar has developed the MM2100 industrial estate in West Cikaran with Japan's Marubeni Corporation and is currently developing another industrial estate in the same district alongside the Jakarta-Cikampek toll road. Its total area has now surged to around 740 hectares from 648 hectares following the land purchase.

Bekasi Fajar plans to develop a warehousing area on the new plot to support logistics for the estate under development.

In the first phase, around 20 to 30 hectares of infrastructure will be built at a cost of $15 per square meter, according to Wilson.

He said the company had allocated $5 million in its 2013-2014 capital expenditures budget to develop waste water treatment facilities at the estate as part of the infrastructure. The figure excludes funds for future land acquisitions required for the water treatment facilities.

In the first quarter, Bekasi Fajar booked Rp 174.08 billion in net profits, a 63.1 percent jump over the same period of last year, thanks to higher land prices.

On Friday, Alam Sutera's shares closed at Rp 1,080, unchanged from a day before, while those of Bekasi Fajar's were up 2.1 percent to close at Rp 980.