The share price Total Bangun Persada Tbk (TOTL) at the close of last week trading (24/6) rose 5.63% to a level of 750 per share. The increase, according to Daewoo Securities, among others, is after the announcement of the company as a contractor for the construction of an integrated property project (mixed use) Orange County, owned by PT Lippo Cikarang Tbk (LPCK) on Thursday, June 23, 2016, with an investment of Rp 1.5 trillion.
Janti Komadjaja, Managing Director of Total Bangun, said Orange County’s early stage of development will begin in late July 2016, to build four residential towers.
Janti added that this year the company focused on the construction of apartments, to respond to the slacking demand of office projects this year. As for the second week in June 2016, Total Bangun has won new contracts worth Rp 900 billion, from the year-end target of Rp 3 trillion.
Lippo Cikarang targets the development of the first phase was completed in 2019. But Stanley Ang, Director of Lippo Cikarang, is reluctant to mention the contract value between the company and the Lippo Cikarang in Orange County construction project’s first phase. “Sorry, we can not put forward considering we were both publicly listed companies,” Stanley said. (*)
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