INDONESIA PRESS-Sentul City Jan-August marketing sales reach 1.24 trln rph -Kontan

Thu Sep 4, 2014 9:47pm EDT

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Property developer PT Sentul City reported marketing sales of 1.24 trillion rupiah ($105.3 million) up to August, against its 2014 full-year target of 1.9 trillion rupiah.

The firm had cut its full-year marketing sales target from 2.5 trillion rupiah on concerns of slowing demand due to a restriction on high loan-to-value ratio mortgage lending, high interest rates and security during the election period, said co-CEO Andrian Budi Utama.

Sentul spent 330 billion rupiah on capital expenditure until August, or 55 percent of its total target. The funds were mostly used to build infrastructure and open new projects in Sentul City, West Java. (Kontan)

Note: Reuters has not verified this story and does not vouch for its accuracy. (1 US dollar = 11,777 rupiah) (Compiled by Jakarta Newsroom; Editing by Gopakumar Warrier)