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ne of the largest real estate developers, PT Bumi Serpong Damai (BSDE), announced it had acquired retail complex Epicentrum Walk (Epiwalk) from PT Bakrie Swasakti Utama, a unit under PT Bakrieland Development (ELTY).

'The investment for this retail space was Rp 297 billion [US$24.3 million], which we have paid in full,' Bumi Serpong Damai spokesperson, Hermawan Wijaya, told The Jakarta Post.

He further said that the developer had acquired the 14,850-square-meter retail space, leaving the remaining office space untouched.

Epicentrum Walk is connected to the Epicentrum Office Suites (Epiwos).

He added that the acquisition was in line with the developer's strategy.

'We have always wanted to increase the proportion of our recurring income and we saw this acquisition as a chance to do so,' he said.

He added that over the next five years they wanted 20 percent of overall sales to come from recurring income, up from the current 15 percent.

Besides Bumi Serpong Damai, other developers had previously mulled the strategy of raising recurring income by expanding their portfolio of malls, leased office spaces and hotels.

'Acquiring shopping facilities is a good choice because building one would take two to three years,' Hermawan pointed out.

Bumi Serpong Damai reported that its marketing sales figure in 2013 reached Rp 7.3 trillion, a 72 percent climb year-on-year.

House sales contributed 37 percent to this overall figure, with the sale of land contributing 45 percent.

Bumi Serpong Damai is also involved in the construction of the flagship AEON Mall, in partnership with the mall's giant Japanese retailer name-sake. They are also building Southeast Asia's largest convention hall in partnership with event organizer PT Dyandra Media International (DMI).

 Hermawan further said that the developer had eyed Epicentrum Walk because of its strategic location in Rasuna Epicentrum ' a 53.5-hectare superblock, replete with offices, apartments and a hotel, located in the Rasuna Said central business district (CBD).

'Thus, we see the potential in that area,' he said. The developer saw revenues move up by 60.4 percent annually to Rp 4.2 trillion in the first nine months of 2013. Net profits rose by 138.7 percent year-on-year to Rp 2.1 trillion during the same period.

Meanwhile, PT Bakrieland Development (ELTY) witnessed revenues go up by 114 percent year-on-year to Rp 2.7 trillion. They booked a net profit Rp 753.4 billion after making a loss of Rp 218.2 billion during the same period in the previous year.