Owner Of Gandaria City And Coke Not Affected By Pandemic: Inaugurates Pakuwon City Mall In Surabaya Worth IDR 752 Billion

Pakuwon City Mall (Photo: Doc. Pakuwon Jati)

JAKARTA - The COVID-19 pandemic has succeeded in hitting almost all business sectors, including property. However, amidst the intense pressure of the pandemic, the property company PT Pakuwon Jati Tbk is actually getting more and more expansive by buying several assets worth trillions of rupiah.

The issuer coded PWON shares has just announced the purchase of three property assets, namely Hartono Mall in Yogyakarta and Solo, and the Marriott Hotel Yogyakarta. Pakuwon poured out Rp1.36 trillion for his corporate action.

Not only that, the company, which was established in East Java since 1982, recently launched one of its property portfolios. On November 20, 2020, they inaugurated Pakuwon City Mall, which is located in Surabaya.

This project is an expansion as well as a re-branding of the East Coast Mall which has been operating since October 2010 in Pakuwon City Surabaya.

The inauguration of the mall further strengthens Pakuwon's list of recurring income portfolios. Pakuwon Jati Director and Corporate Secretary, Minarto Basuki, said that with the operation of Pakuwon City Mall, the total Net Lettable Area (NLA) of retail malls under the PT Pakuwon Jati Tbk portfolio will be 663 thousand square meters.

"The total construction value outside the land of Pakuwon City Mall and Tower Amor is Rp. 752 billion," Minarto said, quoted by VOI from his official statement, Wednesday, December 2.

He explained, Pakuwon City Mall has made the company have another superblock-scale development in the Pakuwon City township area. Pakuwon City Mall stands on 4.1 hectares of land and is integrated with 46 thousand m2 retail malls (including 15 thousand m2 retail mall stage 3 which is planned to be built in 2021), Pakuwon Town Square as a commercial center for offices and shophouses, Food Festival as culinary tourism destinations as well as three apartment towers above Pakuwon City Mall.

Tower Amor, the first has sold 87 percent of the 1,500 units and is in preparation for handovers to buyers. Tower Bella sold 35 percent of the total 825 units and the third tower is planned to be launched in 2022.

Pakuwon City Mall will have a strong internal catchment with 3 apartment towers above (a total of 3,100 units) plus the existence of 4 Educity apartment towers (3,520 units) which is only 300 meters from Pakuwon City Mall which is 100 percent sold and fully operational.

For information, Pakuwon Jati is a property developer that has a portfolio of shopping centers such as Tunjungan Plaza Mall, Pakuwon City Mall, Royal Plaza, Grand Pakuwon Food Junction, Pakuwon Town Square, Food Festival, Pakuwon Trade Center, Pakuwon Mall. These are all in Surabaya.

While in Jabodebek, Pakuwon has Blok M Plaza, Gandaria City, Kota Kasablanka (Kokas) Mall, and Pakuwon Mall Bekasi. As with the acquisition of Hartono Mall Yogyakarta and Hartono Mall Solo Baru, Pakuwon is trying to expand into the Central Java region.