BSDE – Books IDR2.4 tn in 1Q25 presales, 24% of ’25 target

BSDE – Books IDR2.4 tn in 1Q25 presales, 24% of ’25 target Bumi Serpong Damai (BSDE) achieved marketing sales of IDR2.43 tn in 1Q25, representing around 24% of its FY25 target of IDR10 tn. This figure marks a 9% increase compared to marketing sales in 1Q24, which stood at IDR2.22 tn. Residential pre-sales contributed IDR1.28 tn, accounting for 53% of total pre-sales, while commercial pre-sales (commercial lots, apartments, and shop houses) contributed IDR1.03 tn, or 42% of the total. Additionally, land sales to JVs contributed IDR122 bn, making up around 5% of total pre-sales. Compared to 4Q24, marketing sales in 1Q25 were 16% lower than the IDR2.88 trn achieved in 4Q24, primarily due to sales seasonality. Focusing on the residential segment in 1Q25, the IDR1.28 tn in residential pre-sales was driven by various projects primarily Nava Park, Hiera and Armont Residence in BSD City, Grand Wisata Bekasi and Kota Wisata Cibubur. (Source : Company) Comment : BSDE's presales have reached 24% of its IDR10.0 tn target, highlighting solid performance. Around 30% of its products are priced below IDR2.0 bn, positioning the company to benefit from the 100% VAT discount through Jun-25, followed by a 50% discount for the rest of the year. With approximately 80% of buyers relying on mortgage financing, the presales likely reflect genuine end-user demand rather than speculative buying.