Property developer PT Modernland Realty plans to acquire 600 hectares of land in Serang, Banten, and 300 hectares in eastern Jakarta, Investor Relations Officer Cuncun Wijaya said.
Modernland plans to spend up to 1.3 trillion rupiah ($109.6 million) to finance the acquisitions.
The firm is targeting marketing sales of 4 trillion rupiah this year and has already booked sales of 500 billion rupiah in the first quarter. (Bisnis Indonesia)
Note: Reuters has not verified this story and does not vouch for its accuracy. ($1 = 11857.5 rupiah) (Compiled by Jakarta Newsroom; Editing by Prateek Chatterjee)