JAKARTA – PT Saptausaha Gemilangindah Tbk (SAGE) projects the completion of Phase 2 and 3 of Cibinong New City housing construction in 2025. The investment spent on this landed housing complex amounts to IDR 30 billion, which are sourced out of the initial public offering (IPO) proceeds.

Based on the short prospectus quoted Friday (3/3), the Phase 2 construction of said project has begun since the fourth quarter of 2022, including the land clearing and land maturing.

PT Bina Infrastruktur Nusantara (BIN), a third party, will handle said project based on the agreement signed on January 5, 2023. The project is located in the Winner Sapta Villa project, consisting of 110 units, with a total budget of IDR 18.48 billion.

Meanwhile, the phase 3 project now takes place, starting on the land clearing and land maturing. The construction will then entail, gradually, starting from the second quarter in 2023.

SAGE is currently holding its IPO, offering 1.61 billion shares of IDR 110 per share from March 2 to 6, 2023. The IPO is expected to gain IDR 161 billion of fresh funds. (LK/ZH)