BSDE – Posts IDR9.72 tn in FY24 presales

BSDE – Posts IDR9.72 tn in FY24 presales Bumi Serpong Damai (BSDE) achieved marketing sales of IDR9.72 tn in FY24. The marketing sales achievement increased slightly by 2% compared to the marketing sales performance in FY23 of IDR9.50 tn. Residential pre-sales contributed IDR5.40 tn, or 56% contribution to the total presales; while commercial presales, including commercial lots, apartments, and shop houses, contributed IDR3.76 tn, representing 39% contribution to the total presales. In addition, land sales to JV company recorded at IDR565 bn, or 6% contribution to the total presales of FY24. Take a closer look at the residential segment in FY24, residential presales achievement of IDR5.40 tn was mostly supported by residential products in BSD City such as Nava Park, Tresor, The Zora, Hiera, Tanakayu, and Terravia. In addition, newly launched products such as The Kaia and Klasika in Grand Wisata Bekasi and Townville in Grand City Balikpapan also provided sound contribution. (Source : Company) Comment : BSDE's presales achievement, reaching 102.3% of the IDR9.50 tn target, underscores its strong performance. The acquisition of SMDM further enhances project diversification, expanding the company’s presence in the eastern and southern Jakarta areas. With approximately 30.0% of its products priced below IDR2.0 bn, BSDE stands to benefit from the extended 100% VAT discount through June 2025, followed by a 50% discount for the remainder of the year. Furthermore, given that approximately 80.0% of BSDE's buyers rely on mortgage financing, it suggests that the presales primarily reflect end-user demand rather than speculative activity. BSDE is also well-positioned to capitalize on potential interest rate cuts, which would make home loans more affordable and drive further demand. These solid FY24 presales figures provide a strong revenue outlook for the next 2–3 years (1–2 years for landed houses and up to 3 years for high-rise projects).