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PRESS RELEASE
Jakarta, 29 November 2024, PT Ingria Pratama Capitalindo Tbk (GRIA)
successfully constructed 399 subsidized housing units as of October 2024, representing a 27% YoY increase. With these constructions, GRIA now has 574 ready-to-occupy housing units as of October 2024, marking a 104% YoY growth. These units are distributed across Kalimantan and West Java, contributing 64% and 36%, respectively. By project, most of these units come from the Gria Mahakam City project (East Kalimantan) and Bukit Esma Cicalengka project (West Java). With this readiness, GRIA has successfully achieved 88% and 92% of its construction and ready-to-occupy housing targets for this year, respectively.
GRIA also recorded a 27% YoY growth in subsidized housing unit sales, reaching 272 units as of October 2024, compared to 214 units in the same period last year. By location segment, the housing project in East Kalimantan contributed the largest share to the Company’s total housing unit sales at 72%, followed by projects in West Java with a 22% contribution. With this growth, GRIA has achieved 74% of its housing unit sales target for this year. To maintain sustainable growth in operational performance, GRIA has also secured potential sales with 95 units already having received the Letter of Confirmation for Credit Approval (SP3K), the majority of which originate from the East Kalimantan project, contributing 91.6%.
The President Director of GRIA, H.K. Hakim Noor, stated that GRIA’s operational performance is showing a positive trend amidst favorable property sentiment in the country. GRIA has managed to sustain consistent operational growth up to October 2024. Despite a temporary reduction in the subsidized housing quota policy, GRIA successfully maintained operational performance growth even while in the investment phase.
“In line with the government’s program to build 3 million homes in 2025 and provide affordable housing for the community, GRIA has also allocated land for the development of nine housing projects in East Kalimantan and West Java. Beyond land preparation, GRIA aims to deliver 626 subsidized housing units this year in anticipation of and support for the government’s 2025 program. This stock of subsidized homes will be achieved by targeting the construction of 451 new housing units in 2024,” explained Hakim.
"Equipped with this investment strategy, GRIA can meet the demand for both subsidized and non-subsidized housing in the country, offering strategically located areas with more comfortable facilities. GRIA’s opportunities remain vast, supported by the new government policy to extend the repayment tenure for subsidized housing from 20 years to up to 40 years. Opportunities are further bolstered by the government’s plan to build homes on PT KAI land. Additionally, economic equalization through strengthening MSMEs and the completion of the Nusantara Capital City (IKN) project present further prospects for GRIA in the future,” explained Hakim.
For further information:
Public Relations PT Ingria Pratama Capitalindo (“Ingria”)
Email: cosec@ingriagroup.com
