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isted property developer PT Agung Podomoro Land (APLN) is seeking more plots of land and projects to support its growth.

APLN vice president director Indra Wijaya says the company, along with its subsidiaries, has performed three acquisitions in the year-to-date.

The acquisitions are: 62 hectares of land to be developed as a residential complex in Karawang, West Java; a 60 percent stake in PT Simprug Mahkota Indah ' which is to be developed into a high-rise residential compound on 1.6 hectares of land in Simprug, South Jakarta; and 5.5 hectares of land which is to be developed as a mini superblock in Karawang.

'We are hoping to see five more acquisitions. We will use funds from bond issuances as well as our strong internal cash of Rp 2 trillion [US$204 million],' Indra said on Thursday.

He added that APLN was seeking 25 hectares of land to be developed into superblocks and that APLN might use internal cash of up to Rp 1 trillion to support this year's acquisition targets.

On Thursday, the company kicked off the bookbuilding period of the selling of debt papers amounting to Rp 1.2 trillion, which is part of a continuous bond issuance of Rp 2 trillion. APLN set a coupon rate for the bonds, at between 8.25 percent and 9.25 percent.

The bonds, which will mature in five years, will be offered on June 19 to 21 and are scheduled to be listed on the Indonesia Stock Exchange (IDX) on June 27.

APLN will use 42 percent of Rp 1.2 trillion to be raised from the issuance to refinance syndicated bank loans and the remaining 58 percent, or around Rp 700 billion, to support business expansion through acquisitions and project development.

Last year, APLN performed 10 acquisitions, including: The Plaza Balikpapan, Parahyangan Residence, plots of land in Karawang Industrial Estate, BnB Hotel, Batam City Center, 5 star Hotel Seminyak Bali, Mercure Hotel Kelapa Gading and Pullman Bandung City Center.

APLN may have less acquisitions this year compared to last year, but the value of this year's acquisitions would be higher, Indra said.

The company booked Rp 1.14 trillion in revenue in the first quarter of the year, less than a 1 percent increase from the same period last year. Shares in APLN closed at Rp 485 on Thursday, declining 1.20 percent from a day earlier.