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APL sees sales fall 20 percent in August
Property developer Agung Podomoro Land (APL) reported that it reaped Rp 3
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roperty developer Agung Podomoro Land (APL) reported that it reaped Rp 3.13 trillion (US$264.74 million) in marketing sales through August, less than half of its annual target and down 20 percent compared to the same period last year.
According to a company statement published on Friday, the newly launched Plaza Kenari Mas in Central Jakarta contributed 6.4 percent of total marketing sales through August. Harco Glodok electronics shopping center in West Jakarta remained the leading contributor, with 26.6 percent, followed by Orchard Park Batam with 24.7 percent and West Jakarta's Podomoro City Exten-sion with 13.6 percent.
APL has targeted marketing sales to hit Rp 6.5 trillion this year, slightly higher than the Rp 6.3 trillion it booked last year. During the first eight months of 2013, the company booked Rp 3.9 trillion in marketing sales.
Most of the country's publicly listed developers saw marketing sales slide during the first half as a re-sult of regulatory tightening, including new loan-to-value (LTV) ratios and higher interest rates. They also faced obstacles marketing sales due to delays in projects prior to legislative and presidential elections in the middle of this year, as investors chose to wait for a more stable political and economic condition to start new projects.
