Alam Sutera Seeks US$12 Million Loan

VIVAnews - PT Alam Sutera Realty Tbk. (ASRI) aims on loan of more than Rp 150 billion (US$12.47 million) from a private-owned bank. The loan is allocated  partly for capital expenditure (capex) valuing Rp 30 billion and mall development expansion valuing Rp 150 billion.

The director of Alam Sutera Joseph Sanusi Tjong said that the company allocates Rp 66 billion for capital expenditure in 2009. The expenditure will be used for toll road and main highway access development valuing Rp 35 billion and the rest will be used for residential area development.

"A part of the capital expenditure will be acquired from the banking loan, [and] the rest is expected [comes] from the company's sale," said Tjong after public conference in Banten on Monday, March 16.

Tjong said that the company has negotiated with a private-owned bank for acquiring the capital expenditure. Yet, the loan will be disbursed in phases according to the company's needs.

The loan for capital expenditure is expected to be disbursed soon. Meanwhile, the loan for mall development will be disbursed when the construction has begun.

In 2009, the company is expected to receive an income valuing Rp 400 billion or similar to 2008 of Rp 400-450 billion (before audit). While net profit is expected will not be less than last year of Rp 60 billion (before audit).

"The house payment in 2008 will be listed in 2009," he said. "But it's hard for us to predict the sale price increase because [we] need to compare with our competitor."

Tjong added that on January-September 2008 period, the company recorded a sale rise of 102 percent to Rp 401 billion from a previous Rp 199.9 billion.

The net profit grows 1,194 percent to Rp 61.06 billion from a same period in 2007 valuing Rp 4.72 billion. "The rise was caused by the sale price rise," he said.

Before the toll road access existed, the house's sale price was Rp 1.2 billion. Now, after it exists, the price increases to Rp 2 billion.

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Translated by: Ariyantri E. Tarman