Pakuwon, Property Company Owned By Alexander Tedja's Conglomerate Raup Marketing Sales Rp427 Billion In Q1 2021

Kota Kasablanka Mall. (Photo: Doc. Pakuwon Jati)

JAKARTA - Property developer, PT Pakuwon Jati Tbk posted good pre-sales revenue aka marketing sales in the first quarter of 2021. It is noted that pwon's stock-coded company achieved marketing sales of Rp427 billion in the period January-March 2021.

Director and Corporate Secretary of Pakuwon Jati, Minarto Basuki explained, marketing sales in the first quarter increased 17 percent when compared to the same period last year. The marketing sales value of the company owned by conglomerate Alexander Tedja is also equivalent to 30.5 percent of the company's target in 2021 of Rp1.4 trillion.

"Low interest rates and VAT incentive facilities have driven the company's marketing sales increase in the first quarter of 2021," Minarto said in a written statement on Monday, April 12.

The realization of PWON marketing sales in 2020 was recorded at Rp1.03 trillion. The realization was dominated by condo sales that reached 60 percent, where the rest of the landed house sales were 37 percent and offices 3 percent.

Pakuwon is the "king of malls" in the country, because it has a series of leading shopping centers, pakuwon malls owned among others, Gandaria City Mall Jakarta, Kota Kasablanka Mall, Jakarta, Blok M Plaza Jakarta, Tunjungan City Mall 1-6 Surabaya, Pakuwon Mall Surabaya, Pakuwon City Mall Surabaya, and Royal Plaza Surabaya.

In November 2020, Pakuwon also officially added its shopping center portfolio. They bought Hartono Mall Yogyakarta and Hartono Solo Baru from Duniatex Group.

Alexander Tedja himself is the 27th richest person in Indonesia by Forbes as of December 2020. The tycoon has a fortune of USD1.19 billion or around Rp17.25 trillion.

In 2020, Pakuwon recorded capital expenditure (capex) of Rp874 billion. The funds were used to finance the construction projects of Kota Kasablanka Phase 2, Tunjungan Plaza 6, Pakuwon Mall phase 3 and 4, East Cost Mansion and land purchases.