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View all search resultsModernland to acquire further 650 hectares
Publicly listed developer Modernland Realty plans to purchase around 650 hectares of land near Jakarta during the second half of the year to further expand the companyâs real-estate business
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ublicly listed developer Modernland Realty plans to purchase around 650 hectares of land near Jakarta during the second half of the year to further expand the company's real-estate business.
Modernland corporate secretary Cuncun Wijaya said his company had decided to expand its business again after most property developers had chosen to adopt a 'wait and see' attitude due to uncertain political climate in the first half.
'We plan to expand our land ownership because the political situation has already returned to normal,' he said as quoted by kontan.co.id on Sunday.
Cuncun said Modernland would invest Rp 682.5 billion (US$58.38 million) to buy plots of land around the company's development projects, such as in East Jakarta and Cikande, Banten.
Cuncun added that the funds, taken from the company's reserves, amounted to 70 percent of its total capital expenditure this year of Rp 975 billion.
