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CIKARANG, Indonesia - PROPERTY MARKET. PT Lippo Cikarang Tbk (LPCK), a leading real estate company in Indonesia, reported pre-sales or marketing sales of Rp 325 billion ($22.7 million) in the first quarter of 2024, reaching 23% of the company's annual target of Rp 1.43 trillion ($100 million).
The company also reported a total revenue of Rp 435 billion ($30.4 million) in Q1 2024, a 175% increase from the same period in 2023. This surge was driven by an increase in the handover of residential and commercial properties to consumers, as well as higher industrial land revenue.
In Q1 2024, LPCK's primary revenue came from the handover of residential properties, commercial units, industrial land, and non-property income from managing the city of Lippo Cikarang. The residential projects handed over in Q1 2024 included 230 units of Waterfront Estates @Uptown and commercial units of The Hive @Uptown.
LPCK also recorded a gross profit of Rp 168 billion ($11.7 million) with a healthy gross profit margin of 39% throughout Q1 2024.
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The company's management revealed that in Q1 2024, the company's EBITDA remained positive at Rp 103 billion ($7.2 million), or 24% of revenue. In addition, net income was recorded at Rp 60 billion ($4.2 million). LPCK saw a significant increase in net income compared to Q1 2023, when the company recorded a loss of Rp 7 billion ($490,000).
LPCK's marketing sales achievement of Rp 325 billion ($22.7 million) in Q1 2024 was driven by strong demand for residential projects, particularly residential and commercial units, contributing 77% and 15% respectively.
The company's main residential products are XYZ Livin, Cendana Spark, Cendana Spark – North, and Waterfront Estates @Uptown. During Q1 2024, LPCK successfully sold 441 units from housing projects, industrial land, and commercial projects.
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Regarding the XYZ Livin project, it is a new concept product from LPCK, called Lippo Cikarang Cosmopolis (LCC), located in a strategic location and equipped with complete infrastructure.
The product, launched in February 2024, consists of three types: Type X measuring 60.7 square meters (m2) starting from Rp 559 million ($39,000), Type Y (40.7 m2) starting from Rp 389 million ($27,000), and Type Z (29.5 m2) starting from Rp 299 million ($21,000).
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Lippo Cikarang's President and Director, Ketut Budi Wijaya, expressed optimism about the growth opportunities in the property industry. "Moreover, LPCK managed to achieve marketing sales of 23% of the company's target for this year," he said on Friday (26/4).
Due to the increasing demand for affordable housing, LPCK introduced the XYZ Livin product suitable for the younger generation. "We will continue to introduce new products in the next quarter to meet market demand," he said in a disclosure of information at the Indonesia Stock Exchange (BEI), on Friday (26/4). LPCK also committed to continuing construction to ensure timely handover to consumers.
