JAKARTA. PT Pakuwon Jati Tbk (PWON) is currently preparing IDR 2.4 trillion of capital expenditure (capex) this year.

Ivy Wong, Director of PWON, revealed that IDR 1.5 trillion of capex will be allocated for land expansion. The potential land banks are located in Batam, Central Java, and Bali.

"Batam is fixed, but we're still paying its instalment," Wong said, as quoted by Bisnis Indonesia. "There are several locations outside Batam that are under negotiation, including Central Java and Bali," he confirmed.

Furthermore, this year's capex will be spent on funding new projects in Surabaya. Some of them include condominium and mall expansion.

PWON also has plans to establish mixed-use projects, such as mall, hotel, and housing complex in Batam, Central Java, and Bali. These upcoming mixed-use buildings will be built using the remaining capex plus additional loans.

For the record, PWON's capex for this year is slightly lacking compared to last year's budget. In 2022, the company set the capex budget to IDR 2.8 trillion, which had been realised for Pakuwon Mall Bekasi construction and renovations of property in Yogyakarta and Solo. (KR/ZH)