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T Bumi Serpong Damai (BSD), one of the country'€™s largest property developers, announced on Wednesday that it had doubled its annual profits to Rp 2.9 trillion (US$256.28 million) last year on the back of rising sales.

BSD'€™s net income, according to its latest financial report, skyrocketed by 95.94 percent to Rp 2.9 trillion in 2013, compared to the Rp 1.48 trillion it pocketed the previous year.

BSD, a subsidiary of PT Sinar Mas Land, a unit under the conglomerate Sinar Mas Group, recorded a 53.89 percent year-on-year (y-o-y) increase in its revenue to Rp 5.74 trillion last year, compared with Rp 3.73 trillion in 2012.

It gross profits rose by nearly 75 percent to Rp 4.16 trillion last year, from Rp 2.38 trillion in 2012.

The financial report showed that BSD'€™s sales made up about 85 percent of its 2013 revenue with Rp 4.9 trillion. That amount was a 62.79 percent increase compared to the company'€™s total sales in 2012.

BSD, as previously reported, managed to surpass its marketing sales target last year, reaping
Rp 5.4 trillion as opposed to its initial target of Rp 5 trillion '€” excluding the roughly Rp 1.9 trillion one-time marketing sales it scored through joint ventures with Aeon Mall and Hong Kong Land.

When taking these joint ventures into consideration, the developer ended 2013 with an overall marketing sales figure of Rp 7.3 trillion, 72 percent higher than in 2012.

BSD has sold roughly 68 hectares of land to Hong Kong Land, on which the latter seeks to build premium residences. BSD is also collaborating with a Japanese retailer, Aeon Mall, to construct its flagship mall in BSD City, BSD'€™s township in Tangerang, Banten.

Of BSD'€™s total Rp 5.4 trillion in market sales last year, 72 percent or Rp 3.87 trillion was contributed by residential units, while the remaining Rp 1.53 trillion came from commercial units.

As previously reported, BSD director Hermawan Wijaya said the company aimed to see marketing-sales growth of 11 percent this year, to Rp 6 trillion. It plans to boost its commercial property business to meet the target.

Hermawan explained earlier this month that 52 percent, equivalent to Rp 3 trillion, of marketing sales this year would still come from residential property.

'€œHowever, the proportion contributed by the residential [segment] will decline by 20 percent compared to 2013, during which residential units accounted for 72 percent of marketing sales,'€ he pointed out.

The company has forecast that its marketing sales from residential property this year would weaken as buyers hold off on purchases in light of new loan-to-value (LTV) regulations and election jitters.

This year, the developer will be working on commercial projects involving Malaysia-based electronics and furniture retailer Courts Sdn Bhd., and Foresta Business Loft, among others.

The developer is also planning a mixed-use project, which will include a condominium targeted for launch by year-end, located on the 5.5-hectare plot of land it acquired in the Rasuna Epicentrum complex on Jl. HR Rasuna Said, with a total investment of Rp 297 billion.

The company is continuing to post stronger financials this year, booking a fourfold y-o-y increase in its profits to Rp 1.3 trillion in the first quarter of this year, compared to the Rp 296.7 trillion it recorded during the same period last year.