The company, which develops apartment complexes integrated with public transit, hopes to sell over 4,000 units, totaling Rp 2.2 trillion (US$160.5 million), this year. It predicts a high demand for TOD, such as in areas near the Greater Jakarta LRT, which, once in operation, will connect the capital to peripheral areas.

"We do not want to sell mere buildings," corporate marketing manager Djoko Santoso told reporters on the sidelines of the Indonesia Property Expo on Thursday. "We want to create communities by [providing] many communal spaces so that residents can socialize with each other."

As residents await the planned light rail public transportation, the property firm is poised to reap benefits from the trend. Adhi Karya is pursuing an LRT project that will connect Jakarta to Bekasi in West Java in a bid to accommodate commuters, provide more transportation options and ease traffic congestion.

The Greater Jakarta LRT, not to be confused with LRT Jakarta serving the Velodrome-Kelapa Gading route, is being constructed and maintained by state-owned company PT Adhi Karya, and its trains are manufactured by state-owned company PT Industri Kereta Api Indonesia (INKA).

The Greater Jakarta LRT, scheduled to begin operation in 2021, has completed 67.87 percent of its first phase of development, which will have a total of 44.43 kilometers of track. The first phase consists of three lines: Cawang to Cibubur in East Jakarta, Cawang to Dukuh Atas in Tanah Abang, Central Jakarta, and Cawang to East Bekasi in West Java.

The total length of the rail service is planned to be 83.6 kilometers, with line extensions reaching Baranangsiang in Bogor, West Java, Senayan, Central Jakarta, and Soekarno-Hatta International Airport in Tangerang, Banten.

Adhi Commuter Properti director of property management Hanif Setyo said in a statement released on Tuesday that the government's rail-based public transit development project would have significant potential if combined with a housing project directly integrated with the transportation facilities.

Adhi Commuter Properti is planning to integrate several new apartment complexes with certain LRT stations. The project is called LRT City. Last year, the company launched its Green Avenue apartment complex, to be developed on 1.9 hectares of land and integrated with the Jatimulya LRT Station in South Tambun, Bekasi.

The Green Avenue apartments offer three types of apartment, namely a 24-square-meter studio, 28-square-meter and 34 square meter one-bedroom apartment and a 48.19-square-meter two-bedroom apartment.

The property firm launched another apartment complex last year called The Premiere MTH. It will be integrated with Cikoko LRT Station on Jl. MT Haryono in Tebet district, South Jakarta. This year, the company is planning to launch an apartment complex integrated with the Cibubur LRT Station.

As most of the types offered are studio apartments, the company is targeting people aged between 27 and 45, Djoko said.

"As people's interest in the LRT City project is growing, we are confidently seeking higher sales in 2020, an increase by 80 percent from last year," said the company's director of finance, risk management and human resources, Mochamad Yusuf.

The company is planning to offer its shares through an initial public offering (IPO) in June, expecting to raise Rp2.5 trillion. It is also planning to issue corporate bonds to raise another Rp 1 trillion to finance its new property projects. (dfr)

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