Hospitality
MARKET CAP: RP 6.54 TN
NET INCOME: RP 100.78 BN
PT Indonesian Paradise Property is currently putting its eggs in more than one basket as the developer, which is well known as a hospitality-focused property company, expanding through mixed use projects consisting of hotels, retails, and apartments. The company started its hospitality business when it opened Harris Hotel in Tuban, Bali, back in 2002. Subsequently, it diversified its revenue sources by opening the Beachwalk Mall in Kuta. The mall has become a successful driver for the business as it is located beside the company’s properties in Bali, the Sheraton Kuta Bali Resort and the Harris Resort Kuta Beach.
The company recorded a revenue of Rp 595.69 billion last year, up 8.80% or Rp48.20 billion compared to Rp574.49 billion the year before. The increase was mainly contributed by the operation of the 23 Paskal Shopping center in Bandung; overall, its retail business has contributed 51% of the company’s revenue.
For its solid performance in recent years, the company earns a spot in Forbes Indonesia Best of the Best list for 2018. The company is one of the few on the list for three years in a row.
The company is adding apartments in its already successful hospitality and retail combination. The company will focus on building mixed use property; construction of the hotel will be financed by the sale of apartment units, reducing by 70% its dependence on bank loans.
The foray into the apartment business is the third phase in the evolution of the company; it is a rebalancing strategy as selling apartments can become a source of financing for its hotel projects.
This story is from the August 2018 edition of Forbes Indonesia.
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This story is from the August 2018 edition of Forbes Indonesia.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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