Source : TODAY, Tuesday, October 30, 2007
PEOPLE who want to park their funds in real estate investment trusts (Reit) will have another choice next year. Indonesian property conglomerate PT Perdana Gapuraprima (PGP) yesterday announced plans to list a Reit on the Singapore Exchange in the first half of next year.
“Our company has expanded very quickly in the last five years. Going public is the next thing to do,” said Mr Rudy Margono, president director of PGP.
The firm also launched its initial public offering shares, which debuted on the Jakarta Stock Exchange on Sunday.
Five of its nine retail development projects in Jakarta, Bandung and Solo, will be included in this Reit, worth US$250 million ($363.2 million). This retail Reit, which is the first for the 20-year-old company, is a joint venture with Malaysian government-owned company, Amanah Raya Berhad, PGP has plans to use the money raised to develop new residential and retail projects in Jakarta, Bali and Batam.
PGP achieved a net profit of $7.6 million and $83 million in revenue for financial year 2007.
“We are optimistic that both these figures will improve for FY08 as we expect a return yield of our Indonesian property to be about 8 to 9 per cent. We have also seen a capital gain of 15 to 20 per cent for our properties in Jakarta annually in the past 10 years,” said Mr Margono.
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