The Property and industrial land developer PT Kawasan Industri Jababeka Tbk posted pre-sales or marketing sales revenue of Rp898.7 billion over the past year.

The realization was down 45.86 percent compared to marketing sales in the previous year, valued at Rp1.66 trillion. Jababeka's management explained that the decline occurred mainly due to the impact of the COVID-19 pandemic, which has happened since the first quarter of 2020.

"On the positive side, the performance in the second half 2020 is more than 2.5 times in the first half 2020 driven by the increase in sales of industrial land in Kendal and Cikarang, as well as the success of launching residential land in Cikarang," said Jababeka Management in the disclosure of information submitted to the Indonesia Stock Exchange, on Wednesday (17/2).

The company with the issuer code KIJA recorded the highest marketing sales in the October-December 2020 period with a value of Rp279.98 billion, an increase of 10.99 percent compared to the previous quarter's IDR252.25 billion.

At least pre-sales occurred in the first quarter of 2020, which was valued at Rp110.47 billion but continued to increase in subsequent quarters.

KIJA is also optimistic that the recovery that began at the end of last year will take place in 2021. Thus, the company is targeting a higher marketing sales target of Rp1.4 trillion this year.

The sale of industrial and residential land in Cikarang is worth Rp1 trillion, and the remaining industrial land in Kendal is Rp400 billion.

"(Optimism from) a solid pipeline for industrial land Cikarang and Kendal, as well as plans to launch 3-4 residential and commercial products," wrote KIJA.

As of September 30, 2020, KIJA still has a total land bank of 5,087 hectares consisting of Kota Jababeka (1,245 hectares), Kendal (552 hectares), Tanjung Lesung (1,496 hectares), and Morotai (1,794 hectares).