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View all search resultsCiputra allocates Rp 4t in capital expenditure for 2017
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Property tycoon Ciputra, the founder of Ciputra Group, poses for a picture after registering for tax amnesty program in tax directorate general headquarters on Sept. 28. (JP/Anton Hermansyah)
F
span style="font-family:"trebuchet ms",sans-serif">Following its plan to merge the management of three of its subsidiaries, major property developer Ciputra Group said it would allocate Rp 4 trillion (US$297.2 million) in capital expenditure (capex) next year to support business expansion.
Previously, the company announced that it would put subsidiaries Ciputra Surya (CTRS) and Ciputra Property (CTRP) under the management of parent company Ciputra Development (CTRA) starting early next year.
CTRS president director Harun Hajadi said Ciputra had also allocated a similar capex figure for this year. However, only 60 percent of the figure has been absorbed until recently, he said on Tuesday as quoted by kontan.co.id.
(Read also: Indonesian property players welcome house price increases for foreign buyers)
In 2017, Ciputra plans to develop apartment buildings and a new project on a 200 hectares of land in Cileungsi, West Java.
The company also hopes that the government’s ongoing tax amnesty program, which will end in March 2017, will stimulate growth in the property sector next year.
“After [the end of] the tax amnesty, we are targeting a marketing sales increase of between 10 percent and 15 percent,” CTRA director Tulus Santoso said. (win/hwa)
