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Pakuwon Jati to develop more luxury housing
Pakuwon is planning to start the construction of a 3.6-hectare superblock in Bekasi, West Java worth Rp 2 trillion.
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Gandaria City mall in Kebayoran Lama, Jakarta, has become a recurring income source for PT Pakuwon Jati. (Kontak/Baihaki)
P
roperty firm PT Pakuwon Jati is seeking more opportunities in the luxury housing segment this year following the issuance of new property tax incentives by the government.
Pakuwon Jati business development director Ivy Wong said that the incentives could provide a good opportunity for the company to expand its market in luxury houses.
“These incentives present a good opportunity for us to focus on projects that fall under the incentives’ category,” she said during a public exposé in Jakarta on July 25.
Due to limited space, she said, the company would focus on developing high-rise residential projects in Jakarta. As for luxury landed houses, the company would focus development on its existing townships in Surabaya, East Java, she said.
However, she said the company would conduct studies before starting the luxury housing projects to determine where it should build them, while continuing to add more land to its 445.4-hectare land bank.
The Finance Ministry recently issued a new tax policy for the property sector in which it increased the minimum taxable sales of property subject to luxury goods tax (PPnBM) to Rp 30 billion (US$2.12 million) from Rp 20 billion for houses and Rp 10 billion for apartments.
The ministry later followed this with more incentives when it announced on Tuesday that it would also lower the tax rates for houses and apartments priced above Rp 30 billion from 5 percent to only 1 percent.
