Jakarta. Lippo Cikarang (LPCK), a leading property developer, reported pre-sales totaling Rp325 billion ($20.18 million) in the first quarter of 2024, achieving 23 percent of its annual target of Rp1.43 trillion.

The surge in pre-sales during this period was primarily driven by robust demand for residential projects, particularly landed houses and shop houses, which contributed 77 percent and 15 percent, respectively.

"We have successfully achieved 23 percent of our pre-sales target for 2024. Due to the increasing demand for affordable housing, we introduced the XYZ Livin product tailored for the younger generation. We plan to introduce additional products in the upcoming quarter to meet market demand. Furthermore, we remain committed to completing construction projects on schedule to ensure timely handover to our customers," said Ketut Budi Wijaya, President Director of LPCK, in a statement on Friday.

The company also reported a total revenue of Rp 435 billion in the first quarter of 2024, marking a 175 percent increase compared to the same period in 2023. This growth was supported by increased handovers of landed houses and shophouses to customers, as well as higher revenue from industrial land management in Lippo Cikarang City. Husing projects handed over during the first quarter of 2024 include Waterfront Estates @Uptown, comprising 230 units, and The Hive @Uptown shop houses.

Furthermore, the company recorded a gross profit of Rp168 billion during the first quarter of 2024, maintaining a healthy gross profit margin of 39 percent.

Management at Lippo Cikarang stated that in the first quarter of 2024, the company's EBITDA remained positive at Rp103 billion, accounting for 24 percent of revenue. Additionally, net profit amounted to Rp 60 billion. This marked a significant increase in net profit compared to the first quarter of 2023 when the company recorded a loss of Rp 7 billion.

Lippo Cikarang's primary residential products include the XYZ Livin cluster products, Cendana Spark, Cendana Spark – North, and Waterfront Estates @Uptown. In the first quarter of 2024, the company successfully sold a total of 441 units across its housing, industrial, and commercial projects.

In February 2024, Lippo Cikarang introduced a new product, XYZ Livin, as part of a new concept called Lippo Cikarang Cosmopolis (LCC). Located strategically and equipped with comprehensive infrastructure, the XYZ Livin product comprises three types: Type X (60.7m2) starting from Rp559 million, Type Y (40.7m2) starting from Rp389 million, and Type Z (29.5m2) starting from Rp299 million.

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