Major publicly listed developers have booked sluggish presale results year-to-date on the weak economy and regulatory uncertainty, though some have decided to maintain their marketing sales targets on hopes that projects to be launched later this year can help them to catch up.

The developers opting to maintain the targets they have set for this year include Summarecon Agung, Agung Podomoro Land and Intiland Development.

Summarecon president director Adrianto P. Adhi said he was optimistic that economic conditions would pick up and that a new project to be launched in November would help the company boost its marketing sales.

The company maintained its full-year target at Rp 5.5 trillion (US$383.38 million), up 20 percent from Rp 4.6 trillion last year, although as of August the figure had only reached Rp 2.8 trillion from existing projects.

'€œWe are upbeat we can reach our target because we still have our projects in Bekasi [West Java] and Serpong [Tangerang, Banten],'€ he told The Jakarta Post over the phone. '€œFurthermore, we are planning to launch our township in Bandung this November. We believe we can cash in around Rp 800 billion of marketing sales from the project alone before year-end.'€

Summarecon is planning to develop its fourth township in the capital city of West Java, with a concept similar to its existing projects in Kelapa Gading in North Jakarta, Bekasi and Serpong. The first stage of the development will require around Rp 700 billion in investment.

Intiland, meanwhile, plans to launch seven new projects before the end of this year to meet its marketing sales target of Rp 3 trillion. As of the first six months of the year, Intiland had pocketed around Rp 497 billion, or only about 16 percent of its initial target.

Intiland corporate secretary Theresia Rustandi said the company had recently initiated two residential towers in Surabaya, East Java, and aimed at pocketing Rp 800 billion in total, equal to about 23 percent of its targeted figure, from sales of apartments in both towers.

Theresia said her company was currently waiting for the right moment to introduce seven projects in the pipeline, mostly high rises, and was optimistic that the products could be absorbed by the market.

Agung Podomoro Land, on the other hand, gave a more pessimistic outlook, albeit also deciding to keep its initial target intact. Agung Podomoro wrapped up Rp 1.3 trillion of marketing sales as of August, or only around 22 percent of its targeted Rp 6 trillion of presales.

'€œOfficially, we may not revise our target, although it might be difficult for us to meet it. There'€™s a possibility that we might even miss it,'€ corporate secretary Justini Omas told the Post.

Justini said that her company was not revising its target given that it was more than halfway to year-end, and said that there were projects to launch, but declined to disclose details.

Property developers held off on expansions in the first half of the year due to the lackluster market, economic slowdown and rumors that the government would issue a number of tax regulations that would limit growth in the sector.

A number of companies, including Ciputra Development and Alam Sutera Realty, have decided to revise down their targets.

Ciputra has cut its marketing sales target from Rp 10.9 trillion to Rp 9.48 trillion, mainly due to a slowdown in high-rise and office property sales.

By the end of August, only 50.6 percent of the revised target had been realized. Alam Sutera has also trimmed its full-year target by 22 percent to Rp 4.5 trillion from Rp 5.8 trillion.

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