JAKARTA (IFT) – The revenue of PT Pikko Land Tbk (RODA) – a property company, in the first semester of 2012 reaches Rp 83.3 billion (US$ 8.82 million), up by 128.1 percent over the same period last year with Rp 36.5 billion. The entire company's revenue comes from sales of land plots and apartments.
In addition to the increase in revenue, the company's assets have also increased. Based on the financial statements of the first half of 2012, the company's assets stood at Rp 2.1 trillion, higher than Rp 1.3 trillion in the first half of 2011.
The increase in assets was attributable to divestment of PT Transpacific Mutual Capita which dealt in the financial sector. Currently, the company is focusing on the management and development of companies engaged in the property sector.
The company is developing the Botanica apartment project in Simprug, South Jakarta. The apartment stands on an area of ??three hectares, with an investment of Rp 1.5 trillion. "The apartments are intended for the middle upper class. Gradually we will build three apartment towers, with a total of 600 units," said Nio Yantony, Director of Pikko Land.
Pikko Land was formerly known as PT Royal Oak Development Asia Tbk. Pikko Land Corporation of Singapore then purchased 68.1 percent or about 9.61 billion worth of shares of Royal Oak Development in the final quarter of 2011.
Based on the company’s performance during the first semester of 2012, Pikko Land’s solvency increased significantly compared to last year's first semester. Solvency as measured by liabilities ratio against increased equity from 0.00 times to 0.61 times. This increase was due to the company’s significant increase of liabilities.
The increased liabilities are, among others, down payments of property sales and bank loans. The down payments of property sales in the first semester of 2012 reached Rp 406 billion, while bank loans reached Rp 110 billion.
In addition to apartments, Pikko Land also continues to diversify products by building office projects. Later this year, the company will start marketing the Kemayoran Financial Center office building project in the Grand Kemayoran superblock, Central Jakarta. The office project is the first phase construction of the superblock project with an investment of around Rp 1.3 trillion.
Meanwhile, another property issuer – PT Jaya Real Property Tbk (JRPT), is also developing an office building project in Bintaro Jaya, South Tangerang, Banten. MA Swandayani, Director of Jaya Real Property, said the office building is a part of an integrated property development project (mixed use) in Bintaro Jaya. (*)