BSDE - Optimist to have a positive performance in 3Q23

BSDE - Optimist to have a positive performance in 3Q23 Sinar Mas Group property company, Bumi Serpong Damai (BSDE) is optimist and expects its 3Q23' revenue and net profit to remain positive. BSDE is currently completing the Serpong-Balaraja Section 1B toll road construction project connecting AEON Mall - Legok which is expected to be completed by the end of this year. BSDE also welcomes the Cikarang - Balaraja MRT phase 3 infrastructure development plan which is projected to start in August 2024. Furthermore, in addition to the project, BSDE is also continuing its ongoing projects in 2Q23. In the residential segment, BSDE is developing several clusters in the BSD City area such as Eonna, Tanakayu, Terravia, The Ostara, Nava Park, The Zora, Grand Wisata in Bekasi (Water Terrace, Z Living, New West-field, and Tanamas), and Kota Wisata in Cibubur (Vermont and Front Row Studio Loft). In the commercial segment, BSDE is working on BSD City including Northridge Business Center, Latinos Business District, Campton Shophouse, Greenwich Business Park, etc. To fund the project, BSDE has used 2Q23’ capex of IDR1.6 tn. In 1H23, BSDE' revenue and net income reached IDR4.99 tn (+30.31% yoy) and IDR1.2 tn (+159.02% yoy), respectively. In addition, 1H23' marketing sales reached IDR4.79 tn or 54% of the 2023 marketing sales target (IDR8.80 tn). (Source : Kontan)