Jakarta. Lippo Cikarang — a subsidiary of Lippo Karawaci, Indonesia’s biggest listed property developer — is targeting 11 percent growth in net income in 2015 on the back of higher sales.

“We will build more apartment buildings in the Orange County project,” Lippo Cikarang president director Meow Chong Loh said on Wednesday, referring to the company’s project in Cikarang, Bekasi, in West Java.

He didn’t provide an earnings figure for 2015, but for last year the company posted net income of Rp 844.1 billion ($65 million).

Lippo Cikarang booked Rp 1.27 trillion in marketing sales, or sales of units that have yet to be built, in the first quarter, reaching 51 percent of this year’s target of Rp 2.5 trillion.

The company has started work on the second tower of Orange County and will continue with the construction of the 13.5-hectare Orange County Business District, both of which are being funded by the company’s capital expenditure.

Lippo Cikarang has set aside Rp 1.5 trillion in capital expenditure for 2015.

GlobeAsia

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Source: The Jakarta Globe