Jakarta. The share price of property developer Graha Mitra Asia (RELF) has surged by 103 percent to Rp 183 in less than three weeks since the company conducted an initial public offering on June 22.

Since the IPO, Graha Mitra shares have been traded 7,992 times with a total value of Rp 23.61 billion.

Chief Executive Officer Ivan Darmanto said on Tuesday that the company is currently developing three major housing complexes in Bogor and South Jakarta, which will comprise a total of more than 1,300 houses.

The upscale Greenland Kemang housing complex in South Jakarta is being constructed on a 13-hectare land. Additionally, the company is in the process of clearing lands to build residential areas in Semplak, Bogor, and Jagakarsa, South Jakarta.

Established in 2018 as an affiliate of Relife Property Group, Graha Mitra is currently experiencing strong growth.

"The company has achieved impressive sales figures, having received 168 orders and purchase agreements as of June," Ivan said in a press release.

Relife Property, the parent company founded by Ghofar Rozaq Nazila in 2005, has developed housing complexes and townhouses in Makassar, Depok, Bogor, East Jakarta, and South Jakarta, mostly under the Greenville and Greenland brands.

Relife has also developed a resort area in Lombok, West Nusa Tenggara.

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