SMRA - Strong expansion drives positive sales growth

Summarecon Agung (SMRA) is expected to grow with the launch of various projects across Indonesia, despite challenges in 1H23. The property company recorded IDR1.6 tn in marketing sales, a decrease of 30% yoy and representing 32% of the year-end target of IDR5 tn. However, promising signs were noted in June, with marketing sales reaching IDR272 bn, marking an 11% yoy and 21% mom increase. In Q2 2023, marketing sales surged to IDR960 bn, up 9% yoy and 47% qoq. With the upcoming residential projects in Bandung and Bor priced between IDR1.8-4 bn per unit, and 100% take-up rate assumed, the projected marketing sales are estimated at IDR121 bn for Bandung and IDR237 bn for Bor. (Source : Kontan)