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Pakuwon Jati posts Rp1.3t in marketing sales in 2023
The property firm achieved its marketing sales target for last year, which it had revised down to Rp 1.3 trillion from Rp 1.6 trillion after booking only Rp 1.02 trillion in the first nine months.
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The La Riz Mansion and Pakuwon Mall property block in Surabaya, East Java, is operated by Pakuwon Jati. (Pakuwon Jati/-)
Publicly listed property firm Pakuwon Jati has announced Rp 1.34 trillion (US$86.33 million) in marketing sales for last year.
“Around 56 percent of the marketing sales were conducted through mortgage schemes,” said Pakuwon corporate secretary Minarto Basuki on Friday, as quoted by Kontan.
The amount, which refers to the firm’s performance in the primary residential and office market, is in line with a revised target of Rp 1.3 trillion. However, it is lower than the initial target of Rp 1.6 trillion set at the beginning of last year.
The company, which develops retail, residential, commercial and hospitality properties in several Indonesian cities, had lowered the bar after booking only Rp 1.02 trillion in the first nine months of last year, a 12.7 percent drop from the same period in the preceding year.
“Overall, the market is still sluggish. Thus, we decided to adjust our marketing sales target to Rp 1.3 trillion,” Pakuwon Jati director of business development Ivy Wong explained in October last year in a report by Bisnis.com.
For this year, the firm targets higher marketing sales of Rp 1.5 trillion, which is similar to its 2022 achievement. It expects property sales to improve thanks to incentives introduced last year to stoke the market in a high-interest-rate environment.
Read also: Property incentives seen to drive demand, but maybe less for apartments
