CTRA – A IDR6.1 tn marketing sales in 1H24

CTRA – A IDR6.1 tn marketing sales in 1H24 Ciputra Development (CTRA) reported marketing sales of Rp6.1 tn (+20% yoy) in 1H24 and achieving 55% of our annual target. In 2Q24, CTRA launched several new landed residential clusters, including notable developments at CitraGarden Serpong, CitraGarden City Jakarta, and Citra City Sentul. Collectively, new launches in the first semester contributed IDR2.3 tn marketing sales with 76% take-up rate from 1,380 units. Additionally, property demand has been supported by the continued affordability of mortgages, with 70% of CTRA's marketing sales being financed through mortgages despite increases in benchmark rates. CTRA strategic initiative to accelerate construction has proven successful, creating additional eligible units and stimulated Rp2.6 tn of VAT-exempted marketing sales. (Source : Company)