PWON - Designing superblock in Semarang

PWON - Designing superblock in Semarang Pakuwon Jati (PWON), a property and real estate company, has acquired a piece of land for IDR302.8 bn in Semarang, which will be developed into a superblock area. According to PWON, the piece of land has an area of 12.9 ha. For the first development phase, the company will prepare the area for retail mall, hotel, and apartment. PWON acquires this land through one of its subsidiaries, Pakuwon Permai. The selling party is revealed to be Putra Wahid Sejahtera and three individual owners unaffiliated with the company. PWON also stated that, the plan for superblock development in Semarang will reinforce the base of the company's growth, which originates from the increase of revenue, as well as cash flow of the company. (Source: IDN Financials).