Nov 22, 2010

BSD needs Rp2 trillion for land clearing

Indonesia’s property developer, PT Bumi Serpong Damai Tbk (BSD), requires IDR2 trillion to gradually release 1,232 hectare land, corresponding to the land property development license.
Director of Bumi Serpong Damai, Hermawan Wijaya said that his company poses the development license over 6,000 hectare land based on the decree issued by local government.
“Of the area that we are currently developing, we have to release another 1,200 hectare land. We shall conduct such release gradually as we have released 50 hectare by now,” he said last week.
Next year, as he added, the company expects to release 100-200 hectare of land merely to develop the property and infrastructures located in those areas.
The land license controlled by the company happens to be the company’s effort to strengthen its land bank, making its property development to match the development plan.
On the same occasion, the company corporate secretary, Feniyati Tenggara said that the company posed 3,239 hectare of land bank as per 31 July 2010. Of 3,239 hectare, the company has now developed 1,114 hectare.
Bumi Serpong Damai’s acquisition over PT Duta Pertiwi and the share inclusion in two companies namely PT Sinar Mas Wisesa and PT Sinar Mas Teladan shall increase the company’s land bank.
“After the acquisition, the amount of land bank shall be added by 1,600 hectare since Duta Pertiwi owns some lands that are ready to be developed,” she said. Bumi Serpong Damai held an extraordinary shareholders meeting last Friday.

Disclosure: No position at the stock mentioned above.

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