Urban Jakarta gets four projects worth Rp 10.46 trillion

PROPERTY MARKET - JAKARTA. PT Urban Jakarta Propertindo seeks to develop its business expansion in the future. Urban Jakarta is currently building four projects with the concept of transit-oriented development (TOD) that are on the Jabodetabek LRT network track.

"The contract value of the four projects reaches Rp 10.46 trillion with a working period of more than five years," explained Tri Rachman Batara, Director of Business Development and Urban Jakarta Corporate Secretary, in an official statement on Monday (12/11).

According to Tri, two of the projects are Joint Operation (KSO) with PT Adhi Commuter Properti which is a subsidiary of PT Adhi Karya Tbk. The project consists of Gateway Park which has a contract value of Rp 3.7 trillion and Urban Signature of Rp 3.77 trillion.

"Meanwhile, Urban Jakarta has developed two other projects, namely Urban Sky worth Rp 1.41 trillion and Urban Suites worth Rp 1.58 trillion," Tri said.

Until the end of June 2018, Urban Jakarta has a total asset of Rp 1.04 trillion with a total liability of Rp 439.48 billion. In the first semester, Urban Jakarta earned revenue of Rp 52.04 billion with a net profit of Rp 17.55 billion.

Urban Jakarta is processing an initial public offering. The company will sell 600 million new shares at an offer price of Rp 1,000-Rp 1,250 per share. As a result, Urban Jakarta will raise funds between Rp 600 billion and Rp 750 billion. (Translator: Barratut Taqiyyah Rafie)