Indonesia’s Modern Land set to chalk up 44% increase in sales

Property Report, by Asia Pulse 

Publicly traded Indonesian real estate company PT Modernland Realty (JSX:MDLN) is set to see a strong growth of 44 per cent in sales to Rp360 billion (US$32.7 million) this year from Rp250 billion last year. 

With the increase in sales, the company hopes to chalk up a 90 per cent increase in net profit to Rp40 billion, company President Edwin Lim said. 

Edwin said his company is building four property projects this year in Jakarta including Kota Modern, Modern Hill, Modern Park and Jakarta Garden City. 

He said the global financial crisis had no significant effect on the sales of the company, adding on the contrary sales are expected to increase with the big cut in interest rate.