South Hills Apartments is the biggest contributor to RIMO’s income

South Hills Apartments is the biggest contributor to RIMO’s income

KONTAN.CO.ID – JAKARTA. PT Rimo International Lestari Tbk this year plans to remain focused on projects that already existed before. Herman Susanto, Finance Director of Rimo International, said that the company does not have plans to launch new projects this year.

Meanwhile, the company coded RIMO shares on the Indonesia Stock Exchange still relies on revenue from several projects, namely the South Hills apartment project in Kuningan Jakarta through its subsidiaries namely PT Duta Regency Karunia, PT Matahari Pontianak Indah Mall, and shop houses in Banjarmasin through its subsidiary PT Banua Prosperous Land.

Herman said, this year his party would rely on the three projects. “The biggest contribution is South Hills, then from Pontianak Mall, then Banjarmasin shophouse. While there are only three sources,” Herman said when contacted by KONTAN.co.id, recently.

Furthermore Herman said, so far, the construction of South Hills apartments is in the process of being targeted for completion in 2019.

As an illustration, the South Hills apartment will be built with a total of 597 units and targeting the upper middle segment.

According to Herman, of the total 597 units planned to be built, there are already around 355 units sold or around 60% with the current selling price which has reached Rp 45 square meters. Since it was first marketed in 2016, the sales figure is still at Rp. 39 million per square meter.

Until the end of this year, Herman said, he targets sales to reach 90%.

He said, of the total sales, Rimo International had recorded quite high sales, but what could have been recorded as revenue throughout 2017 was still around 37% or around Rp 350 billion.

“Around Rp. 350 billion, but the final figure must wait for the audit report,” he added.

Referring to the company’s financial statements, until the third quarter of 2017, Rimo International managed to record net sales of Rp 192.5 billion, an increase of about 20% compared to the same period the previous year at Rp 9.16 billion.

Of the total sales, the biggest contribution was contributed by apartment sales which reached Rp 184.47 billion of total sales, or around 95%, followed by income from rent and services.

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